Financial tool
Loan Payment Calculator
Estimate the monthly payment for a fixed-rate installment loan before you compare offers.
Monthly payment
$513
Total interest
$5,775
Total paid
$30,775
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 a $25,000 loan at 8.5% APR over 5 years, the calculator estimates the monthly payment, total interest, and total amount repaid across 60 monthly payments.
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?
APR is meant to reflect annual borrowing cost and may include certain fees. Loan disclosures should explain what is included.
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.