Calculate monthly loan payments, total interest, and total cost for any loan. Free online loan payment calculator.
M = P · r · (1+r)ⁿ ÷ ((1+r)ⁿ − 1)M = monthly payment, P = loan principal, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = total number of monthly payments.
Calculate monthly payments, total interest, and total repayment for personal loans, auto loans, or any fixed-rate installment loan. Enter the principal, annual interest rate, and loan term.
This uses the standard amortization formula. Each month, interest is charged on the remaining balance, and the rest of your payment reduces the principal. Early payments are mostly interest; later payments are mostly principal. The total interest you pay depends heavily on the loan term — a longer term lowers monthly payments but increases total interest significantly.
This calculator is for simple installment loans (auto, personal, student). Mortgages have additional factors: property taxes, insurance, PMI, and sometimes adjustable rates. Use the dedicated mortgage calculator for home loans.
How Loan Interest and Monthly Payments Work