Loans
Loan Calculator
Calculate monthly payments and total interest for any fixed-rate loan.
Use CalculatorPayment Calculator
Use this payment calculator to estimate the monthly payment on a fixed-rate loan, such as a car, personal or home-improvement loan. Enter a price or loan amount, an optional down payment, the annual interest rate and the term in months or years.
How it works
The amount you finance is the price or loan amount minus any down payment.
The annual interest rate is divided by 12 to get a monthly rate, and the term is converted to a number of monthly payments.
The calculator finds the level monthly payment that pays the financed amount off exactly by the last payment, then adds up total interest and total amount paid.
The amortization schedule shows how each payment splits between interest and principal. For other payment frequencies use the loan calculator; for home loans with taxes and insurance use the mortgage calculator.
Formula & methodology
M = P × r / (1 − (1 + r)^−n)
- M
- Monthly payment
- P
- Amount financed (price − down payment)
- r
- Monthly rate (annual rate ÷ 12)
- n
- Number of monthly payments
At 0% interest the payment is P ÷ n.
Fees, taxes, insurance and add-ons are not included. Lenders may round or count days differently, so their quote can differ slightly. Compare offers by APR with the APR calculator.
Illustrative example
Example: a $30,000 car with $5,000 down
Assumptions: $30,000 price, $5,000 down payment, 7% annual rate, 60-month term, no fees. These are illustrative numbers, not a quote.
Amount financed: $25,000. Monthly payment: about $495.03. Total interest: about $4,701.80. Total of payments: about $29,701.80, or about $34,701.80 including the down payment.
The same loan entered as 5 years gives the same result. Shortening it to 36 months raises the payment but lowers total interest.
Hypothetical figures for illustration only.
Frequently asked questions
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