Financial tool
Loan Payment Calculator
Estimate the monthly payment for a fixed-rate installment loan before you compare offers.
First term
Monthly payment
$512.91
Total interest
$5,774.80
Principal + interest
$30,774.80
Comparison term
Monthly payment
$789.19
Total interest
$3,410.78
Principal + interest
$28,410.78
The comparison payment is $276.28 higher per month, with $2,364.01 less total interest.
Fixed rate and equal monthly payments. Use the contract interest rate, not a fee-inclusive APR. Taxes, insurance, origination fees, mortgage insurance, and other charges are excluded. Both terms use the same rate; actual offers may differ. Starting values are illustrative.
Formula
Monthly payment = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is loan amount, r is monthly interest rate, and n is the number of monthly payments.
Example calculation
For an illustrative $25,000 loan at an 8.5% contract annual interest rate over 60 months, the estimated monthly payment is $512.91 and total interest is $5,774.80, before fees. Calculations retain full precision; lender rounding may differ.
FAQ
Does this calculator include fees?
No. It estimates principal and interest only. Origination fees, late fees, insurance, taxes, and other charges can change the true cost.
Is APR the same as interest rate?
No. APR may include certain fees in addition to interest. Use the contract interest rate for this payment calculation, and compare disclosed APRs separately when evaluating offers.
Can I use this for auto or personal loans?
Yes, it can estimate fixed-rate installment payments, but you should verify the final payment with the lender.