Loan Payment Calculator
Work out the monthly payment on a fixed-rate installment loan, and how much of what you repay is interest.
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Results
| Monthly payment | $307.75 |
|---|---|
| Number of payments | 60 |
| Total of payments | $18,464.88 |
| Total interest | $3,464.88 |
Estimates only. They are based on the numbers you enter and do not account for fees, taxes or changes in rates unless stated.
How this calculator works
A fixed-rate installment loan is repaid in equal monthly payments. Each payment covers that month's interest first and the rest reduces what you owe, so early payments are mostly interest and later ones mostly principal.
Formula
Payment = P × r ÷ (1 − (1 + r)−n), where P is the amount borrowed, r is the APR divided by 12, and n is the number of monthly payments. At 0% the payment is simply P ÷ n.
Things to keep in mind
- Lenders may add origination fees, insurance or other charges that this basic calculation leaves out. Use the loan agreement for exact figures.
- A longer term lowers the monthly payment but usually raises the total interest.
This tool is for general information and is not financial advice. Looking for a card to go with your plan? Start here: