Loans
Loan payment calculator
Free loan payment calculator and monthly payment estimator. Enter amount, APR, and term to see payment, total interest, and total paid — auto, personal, or other amortizing loans.
Loan details
Estimated monthly payment
$1,580
Total interest
$318,861
Total paid
$568,861
Payments
360
How this loan payment is built
This is the standard fixed-rate amortizing payment: principal, annual rate (APR), and term in years. Each month, interest = remaining balance × (APR ÷ 12). The rest of the payment reduces principal. The formula picks one constant payment so the balance hits (near) zero on the last month when the rate is positive. If the rate is 0%, payment is principal ÷ number of months.
Worked example
$20,000 auto loan, 6.5% APR, 5 years (60 payments):
- Monthly payment ≈ $391
- Total paid ≈ $23,479
- Total interest ≈ $3,479
Stretch the same principal to 7 years and the monthly bill falls while total interest rises. That is the term-length tradeoff. Use the 5 / 10 / 15 / 20 / 30 year presets and watch total interest next to the payment — the payment alone is a poor scoreboard.
What the result is not
P&I only. No taxes, insurance, PMI, HOA, origination fees, or extra principal. For a house with escrow, use mortgage payment. For paying extra on a revolving balance, use debt payoff.
Frequently asked questions
How is the monthly loan payment calculated?
For a fixed-rate amortizing loan, the payment is set so principal and interest are paid off over the term. Enter loan amount, annual interest rate (APR), and term (years). The formula uses principal, monthly rate (APR ÷ 12), and number of monthly payments.
Is this a loan payment estimator or a lender quote?
It is a free educational loan payment calculator (payment estimator) for planning. It models principal and interest only on a fixed rate and term. Lenders may add fees, insurance, or different APRs — confirm any offer with the lender before you borrow.
Does this work for mortgages?
For principal and interest only, yes. For home purchase payments with taxes, insurance, and PMI, use the Mortgage Payment Calculator instead.
What is total interest?
Total interest is what you pay beyond the original principal if you make every scheduled payment for the full term with no extra payments or refinancing. Shorter terms usually raise the monthly payment but lower total interest.
Is this a payoff calculator?
No. This loan payment calculator estimates the scheduled monthly payment, total interest, and total paid on a fixed rate and term. To see how extra payments cut months and interest on a current balance, use the debt payoff calculator.
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