Loan Payment Calculator
Work out the monthly payment on a personal loan or any fixed-rate loan.
When to use this calculator
Use this calculator for any fixed-rate loan with equal monthly payments, such as a personal loan, a home improvement loan or a small business loan. It tells you the payment before you sign and the total cost of borrowing.
Example monthly payments
How this calculator works
We use the standard loan formula: the payment is the amount that pays off the balance and all interest in equal monthly installments. Total interest is your payments added up minus the amount you borrowed.
Step-by-step example
Using these inputs: Loan amount ($): 15000; Interest rate (APR %): 9.5; Loan term (years): 5.
Borrowing $15,000 at 9.5% for 5 years gives a payment of $315.03 a month. You would pay $3,902 in interest, so the total repaid is $18,902.
Tips for a better estimate
- Compare the APR, not only the monthly payment. APR includes fees, so it is a better measure of cost.
- A shorter term has a higher payment but costs much less interest.
- Check for origination fees and prepayment penalties before you accept a loan.
FAQ
Is APR the same as the interest rate?
APR can include some fees, so it may be a little higher than the plain rate. Use the APR from your offer.
Does a longer term cost more?
A longer term lowers the monthly payment but you pay more interest in total.
Does this include fees?
No. Origination or other fees are not included.
What is APR?
The annual percentage rate is the yearly cost of the loan, including interest and some fees, which makes offers easier to compare.
Can I pay a loan off early?
Often yes, and it saves interest. Some loans charge a prepayment penalty, so read your agreement.
Does this work for car or mortgage loans?
The payment formula is the same, but the auto loan and mortgage calculators also include things like sales tax, property tax and insurance.
Rates and limits last updated: October 2026. This is an estimate for general information only, not financial, tax or legal advice.