Loan Payment Calculator

Calculate your monthly loan payment, total interest, total repayment, and review an amortization summary for a standard fixed-rate loan.

Calculate your loan payment

Enter the loan amount, annual interest rate, and loan term to estimate your monthly payment and total borrowing cost.

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Tick this box only if you want to see the loan results converted into another currency.
Currency conversion
The loan amount, monthly payment, total interest, and total repayment will all use the same exchange rate.
Calculating…
Estimated monthly payment
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Total interest
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Loan amount
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Total interest
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Total repayment
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Converted amounts
Loan amount
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Monthly payment
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Total interest
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Total repayment
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Loan amount —
Annual interest rate —
Loan term —
Number of payments —
Monthly payment —
Total interest —
Total repayment —
Step-by-step
Amortization summary

For longer loans, representative payment periods are shown to keep the table easy to read.

Period Payment Principal Interest Remaining balance

How a loan payment is calculated

For a standard fixed-rate amortizing loan, the monthly payment is calculated using the loan principal, monthly interest rate, and total number of monthly payments.

Monthly Payment = P × r × (1 + r)n ÷ [(1 + r)n − 1]

P = loan principal
r = monthly interest rate
n = number of monthly payments

Step-by-step

1
Enter the loan amount Enter the amount you plan to borrow.
2
Enter the annual interest rate Enter the annual percentage interest rate.
3
Enter the loan term Enter the number of years or months for repayment.
4
Calculate the monthly payment The calculator applies the standard fixed-rate amortization formula.
5
Review the total cost Review the total interest and total amount repaid over the full loan term.

Loan payment example

Suppose you borrow $250,000 for 30 years at a fixed annual interest rate of 6.5%.

Loan amount $250,000.00
Annual interest rate 6.5%
Loan term 30 years
Number of payments 360
Estimated monthly payment $1,580.17
Estimated total interest $318,861.22
Estimated total repayment $568,861.22

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Important: This calculator provides estimates for a standard fixed-rate amortizing loan. Actual loan payments may differ because of lender fees, insurance, taxes, variable rates, payment frequency, rounding, prepayments, and other loan terms. Currency conversion is optional and is provided for informational purposes.