Loan Payment Calculator
Monthly payment, total interest and total cost on any fixed rate loan.
Method
How it works
Loan amount, annual interest rate and term are converted into a fixed monthly amortising payment. The annual rate is divided by 12 and the term is converted to months.
Total paid multiplies the monthly payment by the number of months, and total interest subtracts the original principal. Fees, insurance and variable-rate changes are not included.
Common questions
Frequently asked questions
Does the monthly loan payment include fees or insurance?
No. It includes principal and interest from the entered fixed rate only.
What happens when the interest rate is zero?
The payment is the loan principal divided evenly across the term.
Why does a longer loan term increase total interest?
More monthly periods allow interest to accrue for longer even though the monthly payment may be lower.
Not financial advice. This calculator is for general informational purposes only. Check figures independently before making financial decisions.