Finance calculator

Loan Payment Calculator

Estimate a fixed-rate loan payment, total repayment and interest from the principal, annual rate and term.

✓ Tested formula✓ Instant result✓ Private by design

Enter your valuesResults update instantly as you type.

Loan amount

Annual interest rate

Loan term

years

✓ Your numbers stay on this device.

Understand the answer

Formula and method

FormulaMonthly payment = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where r is the monthly rate and n is the number of payments.

The calculator models a fully amortizing loan with equal monthly payments. Each payment first covers accrued interest; the remainder reduces principal.

Worked example

A 100,000 loan at 6% for 5 years produces a monthly payment of about 1,933.28.

How to use this calculator

Enter the values using the labels and units shown.
Review the live result and supporting details.
Check the formula, example and assumptions before using the answer.

Assumptions and limits

The interest rate stays fixed.
Fees, taxes, insurance and early payments are excluded.
This is an estimate, not financial advice.

Reference

U.S. Federal Reserve — consumer credit

Formula reviewed 2026-07-15