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Loan Payment Calculator

A loan payment calculator shows what you will owe each month on a fixed-rate installment loan. Enter the amount, rate, and term to see the monthly payment, total interest, and total repaid.

By the Personalloaned Editorial Team · Last updated 2026-09-16

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Enter your numbers and press Calculate. Nothing you type leaves your browser.

Method

How this calculator works

This calculator answers one question: what will the monthly payment be? It uses the same amortization formula lenders use for fixed-rate installment loans.

M = P * r * (1 + r)^n / ((1 + r)^n - 1)

  • M = monthly payment
  • P = principal, the amount financed
  • r = monthly interest rate = annual rate / 12 / 100
  • n = number of monthly payments

A longer term lowers the monthly payment but raises total interest, because you pay interest for more months. A shorter term does the opposite.

Enter your own rate. Rates vary by lender, credit profile, and loan type, so the result is an estimate, not a quote.

Common questions

Frequently asked questions

What is the difference between the payment and the total cost?
The monthly payment is what you pay each month. The total cost is every payment added together, which includes the interest you pay on top of the amount borrowed.
Can I use this for a mortgage or an auto loan?
Yes. Any fixed-rate installment loan with equal monthly payments works with this formula. Specialized tools for auto, student, and home equity loans add fields like down payments or extra payments.
What happens if the interest rate is 0%?
The formula simplifies to P / n, so the payment is the amount borrowed divided by the number of months. Total interest is 0.
Does a lower payment always mean a cheaper loan?
No. A lower payment often comes from a longer term, which means more months of interest. Compare total interest as well as the monthly payment.

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