Enter your loan amount, interest rate, and loan term to calculate your monthly payment. The Loan Payment Calculator also shows your total interest paid, total repayment amount, and a full amortization schedule so you can see exactly how each payment breaks down.
Monthly Payment
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Total of All Payments
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Total Interest Paid
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Principal Amount
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The monthly payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. Each payment covers accrued interest first, with the remainder reducing the principal balance.
Three main factors affect your monthly payment: the loan amount (principal), the annual interest rate, and the loan term. A higher loan amount or interest rate increases your payment, while a longer term spreads the cost out and reduces the monthly payment — though you'll pay more interest overall.
An amortization schedule is a complete table of all periodic loan payments, showing how much of each payment goes toward interest and how much reduces the principal balance. In the early months, most of your payment covers interest. Over time, the interest portion shrinks and more of each payment goes toward principal.
A shorter term means higher monthly payments but significantly less total interest paid over the life of the loan. A longer term lowers your monthly payment but costs more in interest. If you can comfortably afford the higher payment, a shorter term saves money in the long run.
Yes — this calculator works for any fixed-rate installment loan, including mortgages, auto loans, personal loans, and student loans. Simply enter the loan amount, interest rate, and term to get your monthly payment and full amortization schedule.
The interest rate is the base cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus any additional fees or costs associated with the loan, giving a more complete picture of the true cost. For this calculator, use the APR for the most accurate total cost estimate.
You can reduce total interest by choosing a shorter loan term, making extra payments toward the principal, securing a lower interest rate, or making a larger down payment to reduce the amount you borrow. Even small additional monthly payments can significantly reduce total interest over time.
Making extra payments beyond your scheduled monthly amount directly reduces your principal balance. This shortens the loan term and reduces the total interest you pay. Many lenders allow prepayment without penalty — check your loan agreement to confirm this before making extra payments.