Loan Payment Calculator
Monthly payment, total interest and payoff total for any fixed-rate loan.
Enter your values
ⓘ Live results
Results
- Monthly payment
- $500.95
- Total interest
- $5,056.92
- Total repaid
- $30,056.92
- Number of payments
- 60
Working
- 1Monthly rate = 0.625%
- 2Payments = 60 months
Quick answer
A fixed loan payment is P·r / (1 − (1+r)^−n), where P is the amount borrowed, r the monthly rate and n the number of monthly payments.
M = P·r / (1 − (1 + r)^−n)
How to use the Loan Payment Calculator
- 1Enter how much you are borrowing.
- 2Add the annual rate and the term in years.
- 3Read the monthly payment and lifetime interest.
Worked example
Using the values the calculator loads with:
Inputs
- Loan amount25000 $
- Annual interest rate7.5 %
- Term5 years
Results
- Monthly payment$500.95
- Total interest$5,056.92
- Total repaid$30,056.92
- Number of payments60
- Monthly rate = 0.625%
- Payments = 60 months
Frequently asked questions
Does this include fees?
No. It covers principal and interest only. Origination fees, insurance and taxes are added by the lender on top of this payment.
How do I lower the payment?
Extend the term, borrow less, or refinance at a lower rate. Extending the term lowers the payment but raises total interest.
About this calculator
- Built and reviewed by James Whitfield · How we build and test calculators
- Report an error
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.