Loan Calculator
Enter your loan amount, annual interest rate and loan term to see your monthly payment, total repayment and total interest.
%
months
How It Works
Your loan's principal and interest are spread into equal monthly payments over its term, so early payments go mostly toward interest and later ones mostly toward principal.
Formula
Monthly Payment = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the principal, r is the monthly interest rate, and n is the number of payments.
Example
A 20,000 loan at 6% over 36 months has a monthly payment of roughly 608.
Frequently Asked Questions
- Does this work for any type of loan?
- Yes, the calculation applies to any fixed-rate, fixed-term amortizing loan — personal loans, auto loans, and mortgages all use the same formula.
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