Loan Payment Calculator

How the Payment Is Calculated

This tool uses the standard amortization formula that fixed-rate lenders use. It converts your APR to a monthly rate, then spreads the loan across the number of months you choose so every payment is the same size. Early payments cover more interest and less principal; later payments flip that balance. By the final month, the loan is paid off exactly.

The math is straightforward once you see it. If your loan amount is the principal, your monthly rate is the APR divided by 12, and the term is the number of months, the calculator solves for the single payment that clears the balance on schedule. When the rate is zero, it simply divides the principal evenly across the months.

What the Three Numbers Mean

The monthly payment is what leaves your account each month. It is the figure to compare against your budget. The total interest is the price of borrowing, added up across the life of the loan. The total repaid is your principal plus that interest, which is the real cost of the loan from start to finish.

Try nudging the term longer. A longer term lowers the monthly payment but raises the total interest, because you are borrowing the money for more months. A shorter term does the opposite. Seeing both numbers side by side is the fastest way to find the balance that actually fits your life.

Use It Before You Commit

Run your own numbers here first, then compare them against any real offer. If a lender's quoted payment is higher than what this calculator shows for the same amount, rate, and term, ask what is driving the difference. Fees, add-ons, or a different compounding method are usually the answer.

Want to move a payoff faster instead? The credit card payment calculator shows how extra payments cut interest, and the mortgage calculator handles longer home loans. When you are ready for real options, our short request form matches you with lenders in about a minute, with no credit score impact to check.