Loan payment calculator
Estimate fixed monthly loan payments with transparent amortization math.
What this calculator covers
Estimate a fixed monthly loan payment from the amount borrowed, the rate, and the repayment term.
The walkthrough keeps the amortization math visible so users can inspect the payment rather than trust a black box.
Frequently asked questions
- What kind of loans does this work for?
- Any fully amortized fixed-rate loan — personal loans, auto loans, student loans, or simple mortgages. It assumes equal monthly payments that pay the loan off completely by the end of the term.
- Does this include fees or closing costs?
- No. The payment reflects principal and interest only on the amount financed. If the lender rolls fees into the loan, enter the total financed amount (principal plus fees) to see the full monthly payment.
- How is total interest calculated?
- Total interest equals the monthly payment multiplied by the number of payments, minus the original loan amount. The calculator shows this alongside the payment so the full cost of borrowing is visible.
- What if my loan has a variable rate?
- This calculator assumes a single fixed rate. For a variable or adjustable-rate loan, run the calculator with the initial rate to see the starting payment, then re-run with higher or lower rates to stress-test how payments could change.
Tool
Run the calculation
Result
RESULT · LOAN PAYMENT
â„–007
Primary result
$304.22
$10,000.00 financed at 6% for 3 years comes to $304.22 per month.
- Monthly payment
- $304.22
- Total repayment
- $10,951.90
- Interest paid
- $951.90
Step-by-step solution
- 1.Convert the annual rate to a monthly rate: 0.005.
- 2.Count the monthly payments across the term: 36.
- 3.Apply the amortization formula and round the monthly payment to 2 decimals: $304.22.
Walkthrough
Visual walkthrough
A generic loan payment follows the same amortization logic as a mortgage without the home-specific framing.
01
Build the monthly rate
6% ÷ 12 = 0.005
Installment loans charge interest per period, so the annual rate is broken into monthly chunks.
02
Count the installments
3 × 12 = 36
The full term becomes a count of monthly payments.
03
Read the payment
The amortization formula returns the fixed monthly amount that fully repays the loan by the end of the term.
Monthly payment $304.22