What variables do I need to use this calculator?

You need the loan principal (P), the annual interest rate from which the tool calculates the monthly rate (r), and the loan term in years used to find total payments (n).

How is the monthly interest rate calculated?

The monthly interest rate is the annual interest rate divided by 12, reflecting the rate applied to each monthly payment.

Can this calculator handle loans with changing interest rates?

No, it assumes a fixed interest rate for the entire loan duration and does not support variable-rate loans.

What does the total payment amount represent?

The total payment equals the monthly payment multiplied by the total number of payments, representing the full amount paid over the loan term.

How is total interest calculated?

Total interest is the difference between the total payment made and the initial loan principal.

Online Payment Calculator

Calculate your fixed-rate loan monthly payments, total payment, and total interest quickly and accurately with our online payment calculator.

Loan Amount

, ,

Interest Rate

, ,

Loan Term

years

, , , , ,

months

Loan Amount

, ,

Interest Rate

, ,

Monthly Pay

, , ,

Result

Monthly payment ($): 1,186.19

Time Required to Clear Debt (years):: 15

Total payments ($): 213,514.20

Total Interest ($): 63,514.20

Interest

Principal

Balance

0 yr

5 yr

10 yr

15 yr

months	BEGINNING BALANCE ($)	INTEREST ($)	PRINCIPAL ($)	ENDING BALANCE ($)
1	150,000.00	7,343.51	6,890.77	143,109.23
2	143,109.23	6,990.96	7,243.32	135,865.91
3	135,865.91	6,620.38	7,613.90	128,252.02
4	128,252.02	6,230.84	8,003.44	120,248.58
5	120,248.58	5,821.37	8,412.91	111,835.67
6	111,835.67	5,390.95	8,843.33	102,992.34
7	102,992.34	4,938.51	9,295.77	93,696.56
8	93,696.56	4,462.92	9,771.36	83,925.20
9	83,925.20	3,963.00	10,271.28	73,653.92
10	73,653.92	3,437.50	10,796.78	62,857.14
11	62,857.14	2,885.11	11,349.17	51,507.97
12	51,507.97	2,304.47	11,929.81	39,578.16
13	39,578.16	1,694.12	12,540.16	27,038.00
14	27,038.00	1,052.54	13,181.74	13,856.26
15	13,856.14	378.14	13,856.14	0.00

months	BEGINNING BALANCE ($)	INTEREST ($)	PRINCIPAL ($)	ENDING BALANCE ($)
1	150,000.00	625.00	561.19	149,438.81
2	149,438.81	622.66	563.53	148,875.28
3	148,875.28	620.31	565.88	148,309.41
4	148,309.41	617.96	568.23	147,741.17
5	147,741.17	615.59	570.60	147,170.57
6	147,170.57	613.21	572.98	146,597.59
7	146,597.59	610.82	575.37	146,022.22
8	146,022.22	608.43	577.76	145,444.46
9	145,444.46	606.02	580.17	144,864.29
10	144,864.29	603.60	582.59	144,281.70
11	144,281.70	601.17	585.02	143,696.68
12	143,696.68	598.74	587.45	143,109.23
#1
13	143,109.23	596.29	589.90	142,519.33
14	142,519.33	593.83	592.36	141,926.97
15	141,926.97	591.36	594.83	141,332.14
16	141,332.14	588.88	597.31	140,734.83
17	140,734.83	586.40	599.79	140,135.04
18	140,135.04	583.90	602.29	139,532.75
19	139,532.75	581.39	604.80	138,927.94
20	138,927.94	578.87	607.32	138,320.62
21	138,320.62	576.34	609.85	137,710.76
22	137,710.76	573.79	612.40	137,098.37
23	137,098.37	571.24	614.95	136,483.42
24	136,483.42	568.68	617.51	135,865.91
#2
25	135,865.91	566.11	620.08	135,245.83
26	135,245.83	563.52	622.67	134,623.17
27	134,623.17	560.93	625.26	133,997.91
28	133,997.91	558.32	627.87	133,370.04
29	133,370.04	555.71	630.48	132,739.56
30	132,739.56	553.08	633.11	132,106.45
31	132,106.45	550.44	635.75	131,470.70
32	131,470.70	547.79	638.40	130,832.31
33	130,832.31	545.13	641.06	130,191.25
34	130,191.25	542.46	643.73	129,547.53
35	129,547.53	539.78	646.41	128,901.12
36	128,901.12	537.09	649.10	128,252.02
#3
37	128,252.02	534.38	651.81	127,600.21
38	127,600.21	531.67	654.52	126,945.69
39	126,945.69	528.94	657.25	126,288.44
40	126,288.44	526.20	659.99	125,628.45
41	125,628.45	523.45	662.74	124,965.71
42	124,965.71	520.69	665.50	124,300.21
43	124,300.21	517.92	668.27	123,631.94
44	123,631.94	515.13	671.06	122,960.88
45	122,960.88	512.34	673.85	122,287.03
46	122,287.03	509.53	676.66	121,610.37
47	121,610.37	506.71	679.48	120,930.89
48	120,930.89	503.88	682.31	120,248.58
#4
49	120,248.58	501.04	685.15	119,563.42
50	119,563.42	498.18	688.01	118,875.41
51	118,875.41	495.31	690.88	118,184.54
52	118,184.54	492.44	693.75	117,490.78
53	117,490.78	489.54	696.65	116,794.14
54	116,794.14	486.64	699.55	116,094.59
55	116,094.59	483.73	702.46	115,392.13
56	115,392.13	480.80	705.39	114,686.74
57	114,686.74	477.86	708.33	113,978.41
58	113,978.41	474.91	711.28	113,267.13
59	113,267.13	471.95	714.24	112,552.89
60	112,552.89	468.97	717.22	111,835.67
#5
61	111,835.67	465.98	720.21	111,115.46
62	111,115.46	462.98	723.21	110,392.25
63	110,392.25	459.97	726.22	109,666.03
64	109,666.03	456.94	729.25	108,936.78
65	108,936.78	453.90	732.29	108,204.49
66	108,204.49	450.85	735.34	107,469.15
67	107,469.15	447.79	738.40	106,730.75
68	106,730.75	444.71	741.48	105,989.27
69	105,989.27	441.62	744.57	105,244.71
70	105,244.71	438.52	747.67	104,497.04
71	104,497.04	435.40	750.79	103,746.25
72	103,746.25	432.28	753.91	102,992.34
#6
73	102,992.34	429.13	757.06	102,235.28
74	102,235.28	425.98	760.21	101,475.07
75	101,475.07	422.81	763.38	100,711.69
76	100,711.69	419.63	766.56	99,945.14
77	99,945.14	416.44	769.75	99,175.38
78	99,175.38	413.23	772.96	98,402.42
79	98,402.42	410.01	776.18	97,626.24
80	97,626.24	406.78	779.41	96,846.83
81	96,846.83	403.53	782.66	96,064.17
82	96,064.17	400.27	785.92	95,278.25
83	95,278.25	396.99	789.20	94,489.05
84	94,489.05	393.70	792.49	93,696.56
#7
85	93,696.56	390.40	795.79	92,900.78
86	92,900.78	387.09	799.10	92,101.67
87	92,101.67	383.76	802.43	91,299.24
88	91,299.24	380.41	805.78	90,493.46
89	90,493.46	377.06	809.13	89,684.33
90	89,684.33	373.68	812.51	88,871.82
91	88,871.82	370.30	815.89	88,055.93
92	88,055.93	366.90	819.29	87,236.64
93	87,236.64	363.49	822.70	86,413.94
94	86,413.94	360.06	826.13	85,587.81
95	85,587.81	356.62	829.57	84,758.23
96	84,758.23	353.16	833.03	83,925.20
#8
97	83,925.20	349.69	836.50	83,088.70
98	83,088.70	346.20	839.99	82,248.71
99	82,248.71	342.70	843.49	81,405.23
100	81,405.23	339.19	847.00	80,558.22
101	80,558.22	335.66	850.53	79,707.69
102	79,707.69	332.12	854.07	78,853.62
103	78,853.62	328.56	857.63	77,995.99
104	77,995.99	324.98	861.21	77,134.78
105	77,134.78	321.39	864.80	76,269.98
106	76,269.98	317.79	868.40	75,401.59
107	75,401.59	314.17	872.02	74,529.57
108	74,529.57	310.54	875.65	73,653.92
#9
109	73,653.92	306.89	879.30	72,774.62
110	72,774.62	303.23	882.96	71,891.66
111	71,891.66	299.55	886.64	71,005.02
112	71,005.02	295.85	890.34	70,114.68
113	70,114.68	292.14	894.05	69,220.64
114	69,220.64	288.42	897.77	68,322.86
115	68,322.86	284.68	901.51	67,421.35
116	67,421.35	280.92	905.27	66,516.09
117	66,516.09	277.15	909.04	65,607.05
118	65,607.05	273.36	912.83	64,694.22
119	64,694.22	269.56	916.63	63,777.59
120	63,777.59	265.74	920.45	62,857.14
#10
121	62,857.14	261.90	924.29	61,932.85
122	61,932.85	258.05	928.14	61,004.72
123	61,004.72	254.19	932.00	60,072.71
124	60,072.71	250.30	935.89	59,136.83
125	59,136.83	246.40	939.79	58,197.04
126	58,197.04	242.49	943.70	57,253.34
127	57,253.34	238.56	947.63	56,305.70
128	56,305.70	234.61	951.58	55,354.12
129	55,354.12	230.64	955.55	54,398.57
130	54,398.57	226.66	959.53	53,439.04
131	53,439.04	222.66	963.53	52,475.51
132	52,475.51	218.65	967.54	51,507.97
#11
133	51,507.97	214.62	971.57	50,536.40
134	50,536.40	210.57	975.62	49,560.78
135	49,560.78	206.50	979.69	48,581.09
136	48,581.09	202.42	983.77	47,597.32
137	47,597.32	198.32	987.87	46,609.45
138	46,609.45	194.21	991.98	45,617.47
139	45,617.47	190.07	996.12	44,621.35
140	44,621.35	185.92	1,000.27	43,621.09
141	43,621.09	181.75	1,004.44	42,616.65
142	42,616.65	177.57	1,008.62	41,608.03
143	41,608.03	173.37	1,012.82	40,595.21
144	40,595.21	169.15	1,017.04	39,578.16
#12
145	39,578.16	164.91	1,021.28	38,556.88
146	38,556.88	160.65	1,025.54	37,531.35
147	37,531.35	156.38	1,029.81	36,501.54
148	36,501.54	152.09	1,034.10	35,467.44
149	35,467.44	147.78	1,038.41	34,429.03
150	34,429.03	143.45	1,042.74	33,386.29
151	33,386.29	139.11	1,047.08	32,339.21
152	32,339.21	134.75	1,051.44	31,287.77
153	31,287.77	130.37	1,055.82	30,231.94
154	30,231.94	125.97	1,060.22	29,171.72
155	29,171.72	121.55	1,064.64	28,107.08
156	28,107.08	117.11	1,069.08	27,038.00
#13
157	27,038.00	112.66	1,073.53	25,964.47
158	25,964.47	108.19	1,078.00	24,886.46
159	24,886.46	103.69	1,082.50	23,803.97
160	23,803.97	99.18	1,087.01	22,716.96
161	22,716.96	94.65	1,091.54	21,625.43
162	21,625.43	90.11	1,096.08	20,529.34
163	20,529.34	85.54	1,100.65	19,428.69
164	19,428.69	80.95	1,105.24	18,323.45
165	18,323.45	76.35	1,109.84	17,213.61
166	17,213.61	71.72	1,114.47	16,099.14
167	16,099.14	67.08	1,119.11	14,980.03
168	14,980.03	62.42	1,123.77	13,856.26
#14
169	13,856.26	57.73	1,128.46	12,727.81
170	12,727.81	53.03	1,133.16	11,594.65
171	11,594.65	48.31	1,137.88	10,456.77
172	10,456.77	43.57	1,142.62	9,314.15
173	9,314.15	38.81	1,147.38	8,166.77
174	8,166.77	34.03	1,152.16	7,014.61
175	7,014.61	29.23	1,156.96	5,857.64
176	5,857.64	24.41	1,161.78	4,695.86
177	4,695.86	19.57	1,166.62	3,529.24
178	3,529.24	14.71	1,171.48	2,357.75
179	2,357.75	9.82	1,176.37	1,181.39
180	1,181.27	4.92	1,181.27	0.00
#15

Result
Payoff Length (Years, Months)	10Y, 10M
Monthly payment ($)	2,000.00
Total payments ($)	259,256.94
Total Interest ($)	59,256.94

Oops! Something went wrong. Please try again.

What Is This Tool?

This calculator helps you determine the monthly payment amount required to repay a fixed-rate loan based on the loan amount, interest rate, and loan term. It provides total payment and total interest estimates using a standard amortization formula.

How to Use This Tool?

Enter the loan principal amount (P) you plan to borrow.
Input the annual interest rate, which the tool will convert to a monthly rate (r = annual rate ÷ 12).
Specify the loan term in years, which the calculator multiplies by 12 to find total payments (n).
Click the calculate button to obtain your monthly payment (M), total payment, and total interest.
Review the results to understand your repayment schedule.

Key Features

Calculates monthly payment for fixed-rate loans with precision.
Provides total payment and total interest summaries.
Uses the standard amortization payment formula for accuracy.
Supports loan terms expressed in years and annual interest rates.
Easy to use with simple input for loan amount, interest rate, and term.

Examples

If you borrow $25,000 at an annual interest rate of 7% for 5 years, the monthly interest rate is 0.07 / 12 = 0.005833 and total payments are 5 × 12 = 60. The monthly payment is about $495.03.
With the monthly payment calculated, the total payment over 60 months is approximately $29,701.80, which includes roughly $4,701.80 in total interest paid.
This example illustrates how the calculator applies the amortization formula to provide clear financial insights.

Common Use Cases

Borrowers planning monthly budgets for credit, auto, or personal loans.
Loan officers estimating payment schedules for fixed-rate loan offers.
Financial planners comparing loan options and interest costs.
Consumers evaluating installment loans and fixed repayment plans.

Tips & Best Practices

Ensure accurate inputs for loan amount, interest rate, and term to get reliable payment estimates.
Remember the interest rate must be divided by 12 to reflect the monthly rate.
Use this tool for loans with fixed interest rates to match the calculator’s assumptions.
Double-check calculations for loan planning and financial decision-making.
Consult a financial advisor to understand implications beyond simple amortization.

Limitations

Assumes a fixed interest rate throughout the loan term with no extra or early payments.
Does not account for variable-rate loans or flexible payment arrangements.
Results may not reflect total cost for loans with fees, penalties, or changing rates.
Designed for estimation and comparative purposes, not for official loan agreements.

Frequently Asked Questions

What variables do I need to use this calculator?: You need the loan principal (P), the annual interest rate from which the tool calculates the monthly rate (r), and the loan term in years used to find total payments (n).
How is the monthly interest rate calculated?: The monthly interest rate is the annual interest rate divided by 12, reflecting the rate applied to each monthly payment.
Can this calculator handle loans with changing interest rates?: No, it assumes a fixed interest rate for the entire loan duration and does not support variable-rate loans.
What does the total payment amount represent?: The total payment equals the monthly payment multiplied by the total number of payments, representing the full amount paid over the loan term.
How is total interest calculated?: Total interest is the difference between the total payment made and the initial loan principal.

Key Terminology

Loan Principal (P): The original amount of money borrowed that must be repaid.
Monthly Interest Rate (r): The interest rate applied each month, calculated by dividing the annual interest rate by 12.
Total Number of Payments (n): The total count of monthly payments over the life of the loan, found by multiplying the loan term in years by 12.
Monthly Payment (M): The fixed amount to be paid every month to fully repay the loan within its term.

Quick Knowledge Check

In the monthly payment formula, what does 'n' represent?

Monthly interest rate

Total number of payments

Loan principal amount

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