Loan Payment Calculator - Monthly Payment and Interest
Calculate a fixed monthly loan payment, total interest, total paid, and payment count from amount, annual rate, and term.
Enter the loan amount, annual interest rate, and term in years to compute the fixed monthly payment, total interest, and total paid.
Loan Payment Calculator - Monthly Payment and Interest
Calculate a fixed monthly loan payment, total interest, total paid, and payment count from amount, annual rate, and term.
About the Loan Payment Calculator
A fixed monthly loan payment is the amount that retires principal and interest over a set term if every payment is made on time. Shoppers use it to size a mortgage, auto note, or personal installment before they sign. The loan payment calculator applies the standard amortizing formula: monthly rate r is the annual rate divided by 1,200, n is years times 12, and payment is P times r times (1+r)^n divided by (1+r)^n minus 1. If the rate is zero, payment is principal divided by n.
Total paid is the monthly payment times the number of payments. Total interest is total paid minus the loan amount. Number of payments is the rounded month count. The formula assumes a level payment, a fixed rate, and monthly compounding that matches monthly billing. It does not add mortgage insurance, property tax, homeowners insurance, or origination fees.
Use the loan payment calculator to see how a longer term lowers the monthly bill while raising lifetime interest, or how a modest rate increase on a large principal changes the payment by hundreds of dollars. A $300,000 mortgage at 4.5 percent for 30 years is a different household obligation than the same principal over 15 years. Affordability is about the monthly number; cost is about total interest.
The model ignores extra principal, recasts, ARMs, and interest-only periods. Lender quotes may differ by a few cents because of rounding conventions (they often round the payment up to the cent and adjust the last installment). Enter the amount you will actually finance after down payment, not the purchase price.
Compare the payment with take-home pay and with other debts. For a housing offer, add taxes and insurance outside this page. Re-run when the lock expires or when you change term. The loan payment calculator is a planning schedule, not a commitment letter or a Truth-in-Lending disclosure.
Loan Payment Examples
Each example uses the standard monthly amortizing payment on the full principal you enter.
| Scenario | Output | Planning note |
|---|---|---|
| $300,000 at 4.5% for 30 years | $1,520.06 monthly; $247,220.13 interest; $547,220.13 total paid; 360 payments | A classic 30-year mortgage payment with interest nearly matching two-thirds of the principal. |
| $25,000 at 7.9% for 5 years | $505.71 monthly; $5,342.85 interest; $30,342.85 total paid; 60 payments | A five-year installment keeps total interest modest relative to a long mortgage. |
| $180,000 at 6.25% for 15 years | $1,543.36 monthly; $97,805.01 interest; $277,805.01 total paid; 180 payments | The 15-year payment is close to the 30-year $300,000 example while finishing in half the time on a smaller balance. |
How to Calculate a Loan Payment
- Enter the amount you will finance after any down payment.
- Enter the annual interest rate as a percent and the term in years.
- Calculate the monthly payment, total interest, total paid, and payment count.
- Shorten the term or lower the rate to compare affordability against lifetime interest.
Loan Payment Calculator FAQ
Does the payment include taxes and insurance?
No. It is principal and interest only. A mortgage PITI payment will be higher once escrow items are added.
Should I enter purchase price or loan amount?
Enter the loan amount. Subtract the down payment from price first so the loan payment calculator amortizes what you will actually owe.
What happens at a 0 percent rate?
The monthly payment is the principal divided by the number of months. Total interest is zero.
Why might a lender quote a slightly different payment?
Servicers often round the payment up to the cent and adjust the final installment. Days of interest at closing can also shift the first period.
Can I model extra principal?
Not on this page. Use a payoff or repayment calculator that accepts an extra monthly amount if you want a shorter schedule.