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Loan Payment Calculator
Estimate fixed monthly payments and total interest using your own loan amount, rate and term.
Your inputs
Starting values are examples. Edit them to explore your own scenario.
Use one currency for all amounts. Changing this label does not convert numbers or apply any country’s tax rules. Amounts may include up to two decimal places.
The amount borrowed, excluding fees.
Fixed rate divided by 12. This is not an APR comparison including fees.
Monthly payments start one month after borrowing.
Monthly payment: USD 377.42
Your current scenario
Recalculated from the inputs above. Rounded display amounts may not reconcile exactly except where a rounding split is explicitly shown.
- Monthly payment
- USD 377.42
- Total interest
- USD 2,645.48
- Total repayment
- USD 22,645.48
- The same payment is made each month. Principal plus total interest equals the unrounded total repayment.
How this calculation works
Monthly payment = P × r ÷ (1 − (1 + r)^−n), where r = annual rate ÷ 1,200. At 0%: payment = P ÷ n.
Assumptions and limits
- Fixed rate and equal end-of-month payments; no grace period, fees, insurance or early repayments.
- Displayed amounts are rounded. A lender’s installment and final payment rounding may differ.
Worked example
Example: a 12,000 loan at 0% repaid over 12 months has a monthly payment of 1,000 and no interest, in any single selected currency.
Concept reference: the CFPB explanation of principal, interest and amortization. This tool uses only fixed-payment arithmetic and does not apply US mortgage rules.
Questions about this tool
Is this my lender’s final quote?
No. It is a payment illustration from your inputs. Check the actual rate definition, charges, payment dates and contract with the lender.
Does changing the currency convert my amounts?
No. Currency selects the unit and rounding used to display the numbers you enter. Enter every amount in that same currency. No exchange rate, local tax rule or benefit entitlement is inferred.
Check the next part of your plan
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