Does this work for any loan type?

Yes, as long as it's a fixed-rate, fixed-term installment loan, this formula applies to personal, auto, student, and business loans alike.

Why is my real payment different?

Lenders may add origination fees, insurance, or use a different day-count method, which can shift the actual payment slightly from this estimate.

Loan Calculator

Calculate the monthly payment and total interest for any fixed-rate installment loan.

Loan amount ($)

Interest rate (% APR)

Loan term (months)

Monthly payment Enter your numbers above

Estimate only. Your actual APR, fees, and payment depend on your lender and credit profile.

Related calculators

Mortgage Calculator Auto Loan Calculator Compound Interest

How this loan calculator works

Enter any loan amount, annual interest rate, and repayment term in months to see your fixed monthly payment, the total amount you'll repay, and the total interest cost. This works for personal loans, business loans, student loans, or any installment loan with a fixed rate.

Tips for lowering total interest

Choose the shortest term you can comfortably afford — it cuts total interest dramatically.
Improve your credit score before applying to unlock lower rates.
Make extra principal payments when possible to shorten the payoff timeline.

Frequently asked questions

Does this work for any loan type?: Yes, as long as it's a fixed-rate, fixed-term installment loan, this formula applies to personal, auto, student, and business loans alike.
Why is my real payment different?: Lenders may add origination fees, insurance, or use a different day-count method, which can shift the actual payment slightly from this estimate.