Estimate monthly loan payments, total repayment, and total interest.
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Use one currency consistently. Results are in the same currency as the amounts you enter.
For a fixed-rate, fully amortizing loan, M = P × r / (1 − (1 + r)^−n), where P is principal, r is the annual interest rate divided by 100 and 12, and n is years multiplied by 12. At zero interest, monthly payment M = P / n.
Formula · Worked example · Units and assumptions · Questions and answers
M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)A $10,000 loan at 7% for 5 years has an estimated monthly payment of about $198.01.
Comparing this principal-and-interest estimate with a lender quote that also includes fees or insurance.
Explanations updated . See the calculation methodology for precision and review details.
Use the matching example buttons in the calculator to load these inputs. The scenarios are illustrative, not personal advice or real customer records.
Result: 198.01 per month
Compare the monthly installment with total repayment and total interest. A comfortable monthly payment can still carry a substantial total cost over a longer term.
Result: 100 per month
At zero interest, 1,200 divided by 12 months gives a 100 monthly installment. Any fee charged separately still needs to be included when evaluating the offer.
Compare the same fixed-rate loan with and without extra principal payments. See the monthly interest, principal paid, remaining balance, and estimated interest saved.
This is an independent planner with its own inputs, not a copy of the result above. Use one currency throughout.
Interest is calculated on the outstanding balance at the start of each month. The payment covers interest first, and the rest reduces principal. Extra payments start in month one and are applied directly to principal; the final payment is capped at the amount owed. Fees, taxes, insurance, payment-date variations, and prepayment penalties are excluded. Ask your lender how it applies overpayments.
Supports up to 1,200 whole months. Internally unrounded results are displayed to two decimals, so an account or lender using monthly cent rounding may differ slightly. Inputs stay in your browser; downloaded CSV files are created locally and not uploaded.
Worked decisions, assumptions, and checks that put the tools in context. Guides are currently published in English.
Learn to compare fixed-rate borrowing scenarios, read an amortization schedule, and test how extra principal payments affect interest and payoff time.
Read the guide →The estimate includes principal and interest for a fixed-rate, fully amortizing loan.
No. Origination fees, taxes, insurance, and other lender costs are not included.
The principal is divided equally by the number of monthly payments.