Free Online Loan Payment Calculator

Estimate your monthly loan payment based on principal amount, interest rate, and loan term. See total interest paid and the full repayment breakdown.

Loan Payment Calculator

Calculate monthly payments, total cost, and interest breakdown

Loan Amount ($)

Annual Interest Rate (%)

Loan Term (years)

years

Monthly Payment

$1,580.17

Total Payment

$568,861.22

Total Interest

$318,861.22

43.9%

56.1%

Principal$250,000.00

Interest$318,861.22

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]

P = principal · r = monthly rate · n = total payments

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Enter the loan amount (principal).

Enter the annual interest rate.

Enter the loan term in years.

View the monthly payment, total interest, and total cost.

How is the monthly payment calculated?

Using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is principal, r is monthly rate, and n is number of payments.

Can I use this for mortgages?

Yes. Enter your home loan amount, annual interest rate, and loan term to estimate monthly mortgage payments.

Does it include taxes and insurance?

This calculator estimates principal and interest only. Property taxes and insurance are not included.