Formula Explanation
Payment = P [r(1 + r)^n] / [(1 + r)^n - 1]
Loan payments are calculated from the principal, periodic interest rate, and number of payments.
Financial
Loan Calculator
The loan calculator estimates monthly payment, total interest, and payoff cost for an amortized loan.
loanmonthly paymentinterestamortizationpersonal loanauto loan
Calculator
Calculate instantly
Payment Breakdown Chart
Principal, interest, and total repayment update as you move the sliders.
Loan principal$25,000.00
Total interest$5,414.59
Total repayment$30,414.59
Amortization Snapshot
Year 1
$4,236.00 principal / $1,846.92 interest / $20,764.00 balance
Year 2
$4,587.59 principal / $1,495.33 interest / $16,176.41 balance
Year 3
$4,968.36 principal / $1,114.56 interest / $11,208.05 balance
Year 4
$5,380.73 principal / $702.19 interest / $5,827.33 balance
Year 5
$5,827.33 principal / $255.59 interest / $0.00 balance
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Use Cases
- Compare loans
- Estimate monthly payments
- Plan repayment
Step-by-Step Explanation
- Step 1Enter the loan amount.
- Step 2Enter annual interest rate and term.
- Step 3Convert the annual rate to a monthly rate.
- Step 4Apply the amortization formula.
- Step 5Review payment, interest, and total repayment.
Example calculation
Example loan payment
Given
- Loan amount: $25,000
- Rate: 8%
- Term: 5 years
Steps
- Monthly rate is 0.08 / 12.
- Total payments are 60.
Result
Estimated payment is about $507 per month.
Calculator guide
About this Loan Calculator
Estimate loan payments, total interest, payoff totals, and amortized monthly costs. This page includes an interactive calculator, concise formula notes, worked examples, FAQs, related calculators, and practical guidance you can revisit whenever needed.
Found something that does not look right?
We work hard to keep every calculator accurate and useful. If you notice a calculation error, missing option, or unclear explanation, please let us know so we can review and correct it promptly.
Calculator usage
See how many people are using this calculator.
Total visits today
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Live users now
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Total saved calculations
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Most active date
2026-06-05
FAQ
Loan Calculator FAQs
Can this calculator estimate auto loans?+
Yes. It works for many fixed-rate amortized loans including auto, personal, and installment loans.
Does it include fees?+
No. Add fees to the principal if you want to model them inside the payment.
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