Loan Payment Calculator

Estimate an equal monthly payment for a fixed-rate amortizing loan. Enter figures from a real offer when possible.

Estimate an Amortizing Loan Payment

This tool is not a product selector and does not supply lender rates. Use the loan amount, repayment term, and annual interest rate stated in the offer you are reviewing.

Principal used in the payment calculation.
Use the number of monthly payments in the agreement.
APR may differ from the interest rate when fees are included.
Estimated monthly payment$0.00
Estimated interest$0.00
Total scheduled payments$0.00
Number of payments0

Change any value to update the estimate.

What the Estimate Assumes

  • A fixed annual interest rate and equal payments once each month.
  • Each payment covers accrued interest and reduces principal.
  • No origination fee, late fee, optional product, tax, insurance, or prepayment charge is added.
  • No change in rate, payment date, or payment amount during the term.
Important limitation: This formula does not model a traditional single-payment payday loan, daily simple-interest contract, revolving credit, balloon payment, or variable-rate loan. Use the lender's disclosures and agreement for those structures.

Use the Result to Review an Offer

Compare the estimate with the lender's payment schedule. A difference may mean the agreement uses fees, a different compounding method, a non-monthly schedule, or another feature this tool does not capture.

Then compare the payment with money remaining after housing, food, utilities, transportation, insurance, and other essential expenses. The loan calculator mistakes guide explains common input problems.

For background on scheduled repayment, read the installment loan guide. If you are considering the site's primary request path, review how personal loan options work before submitting information.

Frequently Asked Questions

What does this loan calculator estimate?

It estimates equal monthly principal-and-interest payments, total interest, and total scheduled payments for a fixed-rate amortizing loan.

Does the calculator include loan fees?

No. It excludes origination fees, late fees, insurance, taxes, and other charges unless a financed charge is already included in the loan amount you enter.

Can I use this for a payday loan?

Not for a traditional single-payment payday loan. Compare that product using its finance charge, APR, amount received, total due, and due date.