Monthly Payment Calculator
Calculate your monthly loan payment based on principal, interest rate, and loan term.
Published by:
isCalculator Editorial Team
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How to use this tool?
Follow these steps to calculate your monthly loan payment:
- Enter the Principal ($) – the total loan amount (e.g., 10000).
- Enter the Annual Interest Rate (%) – the yearly interest rate (e.g., 5 for 5%).
- Enter the Loan Term (Years) – the number of years to repay (e.g., 5). Must be at least 1.
- Select Compounding Frequency – how often interest is compounded (Monthly, Quarterly, Semi-Annually, or Annually).
- Click "Calculate" – the monthly payment will appear below.
Note: All inputs must be positive numbers. The result shows the fixed monthly payment using the standard amortization formula.
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Frequently Asked Questions
It calculates the fixed monthly payment required to pay off a loan over a specified term at a given interest rate.
Using the formula M = P [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly interest rate, and n is total number of payments.
Yes, it works for mortgages, auto loans, personal loans, and any amortizing loan with fixed payments.
