Finance calculator
What will my loan payment be?
Use this loan payment calculator to estimate monthly installments for fixed-rate loans. Adjust the loan amount, interest rate, and term to compare options or test what fits your budget.
Try the calculator
Monthly payment updates automatically as you adjust inputs.
Formula overview
Fixed-rate loans use the amortization formula. Payment depends on principal, monthly rate, and total payments. Lower rates or shorter terms reduce total interest.
Monthly payment = P x (r(1+r)^n) / ((1+r)^n - 1), where P is loan amount, r is the monthly rate, and n is the number of months.
Example scenario
Borrow $18,000 at 7.5% for 4 years. The monthly payment is about $435, and total interest is roughly $2,880. Use the calculator to compare a 36-month term or a lower rate.
What this means
- - Compare APR, not just the advertised rate.
- - Shorter terms save interest but raise monthly payments.
- - Extra payments reduce total interest and payoff time.
- - Fees can offset a lower interest rate.
What to do next
Pick the lowest total cost that still fits your monthly budget. Then set auto-pay to stay consistent.
FAQ
What loans work with this calculator?
Any fixed-rate installment loan works: auto loans, personal loans, student loans, or equipment financing.
Why does a longer term cost more?
A longer term lowers the monthly payment but adds more interest over time because the balance stays higher for longer.
Can I use this for variable-rate loans?
This tool assumes a fixed rate. For variable-rate loans, use the rate you expect or run multiple scenarios.