Formula
Monthly payment = P x r(1+r)^n / ((1+r)^n - 1), where r is the monthly interest rate and n is the number of payments.
Monthly payment estimator
Loan Payment Calculator
Calculate an estimated monthly payment, total interest, and total loan cost. Add an optional extra monthly payment to see how faster repayment can reduce interest.
Estimate loan payment
Monthly payment
$0
Total interest
$0
Total cost
$0
Payoff time
0 mo
Example
A $25,000 loan for 5 years at 7.5% has a fixed monthly payment. Extra monthly payments reduce the principal faster and can reduce interest.
Best for
Personal loans, auto loans, equipment financing, business loans, and comparing different term or interest rate offers.
How to interpret the result
The payment estimate assumes a fixed interest rate and equal monthly payments. Taxes, origination fees, insurance, late fees, and variable rates are not included unless you add them to the loan amount.
FAQ
Why is my lender's payment different?
A lender may include fees, insurance, taxes, or different rounding rules. Use this as a planning estimate.
Does extra payment always save interest?
Usually yes for simple amortizing loans, but check whether your lender charges prepayment penalties.