Loan Payment Calculator
Calculate your monthly loan payments, total interest, and total payment based on loan amount, interest rate, and loan term.
Published by:
isCalculator Editorial Team
Was this calculator helpful?
How to use this tool?
Follow these steps to calculate your loan payments:
- Enter Loan Amount ($) – Input the total amount you plan to borrow (e.g., 10000). Must be a positive number.
- Enter Annual Interest Rate (%) – Input the yearly interest rate as a percentage (e.g., 5 for 5%). Must be a positive number.
- Enter Loan Term (years) – Input the repayment period in whole years (e.g., 5). Must be at least 1.
- Click "Calculate" – The button will validate your inputs and compute the results.
Results displayed:
- Monthly Payment – Your fixed payment each month.
- Total Interest – The total interest paid over the loan term.
- Total Payment – The sum of principal and interest.
Note: All inputs must be positive numbers. The calculator uses the standard amortization formula (monthly compounding).
Previous Results
| Result | Inputs | Date |
|---|
Frequently Asked Questions
It calculates the monthly payment required to fully amortize a loan over a given term, based on the loan amount and annual interest rate.
Using the formula M = P [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is monthly interest rate, and n is total number of payments.
Yes, for fixed-rate amortizing loans like mortgages, auto loans, and personal loans.
