How to use it
- Enter the amount you plan to borrow.
- Provide the annual interest rate and loan term in years.
- Calculate to compare the monthly payment, total payment and interest.
Loan Calculator
Calculate your monthly loan payment and total repayment amount.
About the Loan Calculator
A loan calculator estimates the fixed monthly payment needed to repay a principal balance over a set term at a fixed annual interest rate.
Payment formula
The monthly payment uses M = P[r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is the monthly rate and n is the number of monthly payments.
Planning note
Use the result to compare loan terms or interest rates. The estimate does not include lender fees, insurance, penalties or changing interest rates.
Example
A $20,000 loan at 7% for five years can be compared with a shorter term to see the tradeoff between a higher monthly payment and lower total interest.