How Much Will My Monthly Loan Payment Be?
Enter your loan amount, interest rate, and term to see your monthly payment and total interest. Works for personal loans, auto loans, student loans, and more.
How loan payments are calculated
Fixed-rate loans use an amortization formula that spreads your total repayment across equal monthly payments. Each payment covers the month's interest first, then reduces the remaining principal. Early payments are interest-heavy; later payments go mostly to principal.
A shorter loan term means higher monthly payments but significantly less total interest. A longer term lowers your payment but increases the total cost of the loan.
Example monthly payments
Auto loan
$15,000 · 6% · 5 years
$290/mo
Total interest: ~$2,396
Personal loan
$25,000 · 12% · 3 years
$830/mo
Total interest: ~$4,894
Student loan
$35,000 · 5.5% · 10 years
$380/mo
Total interest: ~$10,571
Frequently asked questions
How is a monthly loan payment calculated?
Using the amortization formula: M = P[r(1+r)^n]/[(1+r)^n−1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.
What types of loans can I calculate?
This calculator works for any fixed-rate installment loan: personal loans, auto loans, student loans, home equity loans, and more. Enter the loan amount, interest rate, and term.
What is APR?
APR (Annual Percentage Rate) is the yearly cost of borrowing. This calculator uses the interest rate directly. Your actual APR may be higher if the lender charges origination fees or other costs.
How can I pay off my loan faster?
Making extra payments toward the principal reduces your balance faster and saves interest. Even an extra $50–$100 per month can shorten a 5-year loan by several months and save hundreds in interest.
Disclaimer: Estimates only. Does not include origination fees or prepayment penalties. Rates you qualify for may differ from illustrative rates shown. Not a loan offer.