Loan Payment Calculator
Calculate your fixed monthly payment, total interest, and total amount paid for a loan.
How to use it
Enter the loan amount, the yearly interest rate as a percentage, and the loan term in months. The results update automatically as you type.
How the calculation works
First, the yearly rate is divided by 12 to get the monthly rate. Then, the standard amortization formula is applied: monthly payment = (principal × monthly rate × (1 + monthly rate)^months) ÷ ((1 + monthly rate)^months − 1). Total paid is the monthly payment multiplied by the number of months, and total interest is total paid minus the original principal.
FAQ
Is my data saved? No. Everything runs entirely in your browser, and no information is sent to a server or stored.
Does this work for variable-rate loans? No. This calculator assumes a fixed interest rate for the entire term. For variable-rate loans, payments will change over time.
Can I use this for a car loan or mortgage? Yes. The formula is the same for any fixed-rate amortizing loan, including car loans, mortgages, and personal loans.
What if I make extra payments? This calculator shows the standard schedule. Extra payments will reduce the total interest and shorten the loan term, but those effects are not reflected here.
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