Loan payment calculator
Enter the amount you borrow, the annual interest rate and the term in years. A rate of zero divides the amount by the number of months.
- Fixed monthly payment
- Free, no sign-up
Free to use, no account. More everyday tools
How to use it
- Enter the principal.
- Enter the annual percentage rate.
- Enter the term in years.
The formula
The monthly rate is the annual rate divided by 12. The payment is the standard amortising payment: principal times r(1+r)^n divided by ((1+r)^n − 1), where n is the number of months. The interest line is every payment added up, minus the principal.
Fees, insurance, a changing rate and an extra payment are not included. A lender's quote can differ.
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The figures stay in this tab and are not uploaded.
Questions
Is this the APR on a disclosure?
It uses the rate you type as the monthly rate times 12. It does not back out fees.
Can the term be 2.5 years?
Yes. The number of payments is the years times 12, rounded.
What if the rate is 0?
The payment is the principal divided by the number of months, and the interest is zero.