Loan Payment Calculator

Estimate equal monthly payments for a fixed-rate loan with a constant annual interest rate.

Currency Loan amount

Enter a positive amount with up to 2 decimal places.

Currency sets the symbol and number format. Some currencies use a different number of decimal places, which can affect rounding.

Annual interest rate (%)

Enter a nominal annual rate from 0 to 100 with up to 6 decimal places.

Loan term (years)

Enter a whole number from 1 to 100.

Estimated monthly payment

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Your monthly payment and loan totals will appear here after you calculate.

Loan Payment Calculator

How the payment is calculated

The calculator uses the standard fixed-payment amortization formula. The monthly payment is rounded to cents, then multiplied by the payment count to keep the displayed totals internally consistent.

Formula

Monthly payment = principal × monthly rate × (1 + monthly rate)^payments ÷ ((1 + monthly rate)^payments − 1)

Assumptions and limits

Payments are monthly and equal, the rate stays fixed, and the first payment is one month after borrowing. Fees, insurance, taxes, changing rates, extra payments and final-payment adjustments are not included.