Loan Payment Calculator
Work out the monthly payment, the total repaid and the total interest from the loan amount, interest rate and term.
Money & FinanceResult
Monthly payment
$396.02
- Total repaid
- $23,761.20
- Total interest
- $3,761.20
- Interest in the first payment
- $116.67
- Principal in the first payment
- $279.35
- Monthly rate applied
- 0.5833%
How is it calculated?
Enter the loan amount, the interest rate (per month or per year) and the term in months. If the offer adds a tax on the interest, enter its rate too. The tool works out the monthly payment for equal installments (an amortizing loan), the total repaid and the total interest.
Formula
Monthly rate r = Rate ÷ 100 (÷ 12 if yearly) × (1 + Tax ÷ 100) Payment = Amount × r ÷ (1 − (1 + r)^−Term) Total repaid = Payment × Term
Example
Loan amount: $100,000 · Interest rate: 3.5% · The rate is: Per month · Term: 24 · Tax added to the interest: 0% → Monthly payment: $6,227.28
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Frequently asked questions
Why does my lender's quote differ?
Lenders can add fees, insurance and taxes on the interest. Use the rate and taxes from your offer for the closest result; fees are extra.
What is the difference between a monthly and a yearly rate?
Some lenders quote a monthly rate (say 3.5%), others a yearly one. If you choose yearly, the tool divides it by 12 to get the monthly rate.
What does equal installments mean?
You pay the same amount every month. Early on most of it is interest; as the loan runs the share that repays the principal grows. The result also shows the split of the first payment.
Does it work out early repayment?
No. It assumes regular payments until the end of the term; early repayment fees depend on the lender.