Loan Payment Calculator
Calculate your monthly loan payment, total interest, and total cost from the loan amount, interest rate, and term. Free and accurate.
- Monthly payment
- 396.02
- Total interest
- 3761.44
- Total paid
- 23761.44
How to use
- Enter the loan amount.
- Enter the annual interest rate and term in months.
- Read the monthly payment, total interest, and total paid.
Examples
- $20,000 at 7% / 60 mo:
payment $396.02 - 0% interest:
$5,000 over 12 mo → $416.67
FAQ
- How is the monthly loan payment calculated?
- Payment = P·r·(1+r)^n / ((1+r)^n − 1), where P is the amount, r is the monthly rate (annual ÷ 12 ÷ 100), and n is the number of months.
- What is total interest?
- The total paid over the full term minus the original loan amount — the cost of borrowing.
- Does it work for a 0% loan?
- Yes. At 0% the payment is simply the amount divided by the number of months.