Loan Payment Calculator
Find the monthly payment for a fixed-rate loan.
About This Calculator
This loan payment calculator estimates the fixed monthly payment on a standard amortizing loan. It can help when reviewing mortgages, auto loans, and personal loans.
The result includes the monthly payment, the total amount repaid over the full term, and the total interest paid to the lender.
Example: A 250,000 loan at 7.5% for 30 years gives a monthly payment of about 1,748. Over the full term, the total repaid is much higher because of interest.
The monthly figure helps with budgeting, but the full repayment number is just as important. Loans with lower monthly payments can still cost more overall if the term is much longer.
Loan Payment Tips
Use this calculator when comparing mortgage, car loan, or personal loan offers. Try changing one field at a time so you can see how the payment changes when the rate or loan term changes.
A shorter term usually means a higher monthly payment but lower total interest. A longer term usually lowers the monthly payment but increases the total borrowing cost.
Related Calculators And References
If you need the same style of result in EMI format, visit the EMI Calculator. To compare future balance growth instead of borrowing costs, use the Compound Interest Calculator.
For additional reading, see the CFPB guide to monthly mortgage payments and the CFPB explanation of total of payments.