Loan Payment Calculator
Calculate your monthly payment, total interest, and total cost using loan amount, APR, and loan term.
How this loan payment calculator works
Enter your loan amount, APR, and the repayment length in years and months. The calculator determines a monthly payment and shows how much you repay overall compared to the original principal.
The loan term is converted into a total number of months. Each payment includes both principal and interest unless the rate is 0%, in which case the repayment is evenly split.
Common examples
- Monthly payment estimate: Check whether a loan fits your monthly budget.
- Interest cost comparison: See how total interest changes with different terms.
- Loan term planning: Adjust years and months to balance payment size and total cost.
- Principal vs. interest breakdown: Visualize how much of the total cost is interest.
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FAQ
What is a loan payment calculator?
A loan payment calculator estimates your monthly payment based on the loan amount, interest rate, and repayment term.
What does APR mean?
APR is the annual percentage rate. It represents the yearly interest rate used to calculate your monthly payment.
Why does a longer loan term reduce the monthly payment?
A longer term spreads the repayment across more months, which usually lowers the monthly amount but increases total interest.
What happens if the APR is 0%?
With 0% interest, the monthly payment is simply the loan amount divided by the number of months in the term.