Calculator
Loan Payment Calculator
This loan payment calculator works out the fixed monthly payment on any installment loan from the amount, the annual interest rate, and the term in months. It also reports the total paid and the total interest over the life of the loan.
Advertising disclosure: Paydayloaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
An installment loan is repaid in equal monthly payments, and this calculator fixes that payment from three inputs: the amount borrowed, the annual interest rate, and the term in months. It uses the standard amortization formula lenders use for fixed-rate loans.
Total paid is the monthly payment multiplied by the number of months, and total interest is that total minus the amount borrowed. A longer term lowers the monthly payment but raises total interest, because you pay interest for more months. A shorter term does the opposite.
Enter your own rate, since rates vary by lender, loan type, and credit profile. Use this to compare a personal loan, an auto loan, or any other fixed-rate offer on equal terms.
Advertising disclosure: Paydayloaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.