Loan Payment Calculator
Calculate monthly payments, total repayment and interest for a fixed-rate loan. Compare loan amounts, annual interest rates and repayment terms.
Monthly payment on an amortizing loan
How this calculator works
Enter the loan principal, a fixed annual interest rate and the term in months. The result gives the monthly payment, total repayment and total interest for a fully amortizing loan.
The calculator assumes equal monthly payments and a constant nominal annual rate divided by 12. It excludes origination fees, insurance, taxes, balloon payments and lender-specific rounding. An APR that includes fees is not necessarily the same as the interest rate entered here.
The payment formula is P × r ÷ [1 − (1 + r)⁻ⁿ], where P is principal, r is the monthly interest rate and n is the number of payments. At 0% interest, payment = P ÷ n. A $12,000 loan over 12 months at 0% therefore costs $1,000 per month.
Common questions
Can I calculate a zero-interest loan?
Yes. Set the annual rate to zero. The monthly payment is the principal divided by the number of months.
Is this a mortgage payment calculator?
It calculates principal and interest on a fixed-rate amortizing loan. A full mortgage payment can also include taxes, insurance and other charges.
Related reading: Read the TTN explanation.
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TTN Finance · Estimates are for information only and are not financial advice.