Loan Payment Calculator
Find the monthly payment on any fixed-rate loan — personal, student, or otherwise — from the amount, the APR and the term. It also shows the total interest you will pay over the life of the loan.
Your numbers
Result
- Total of payments
- $11,234.79
- Loan amount
- $10,000.00
| Item | Value |
|---|---|
| Loan amount | $10,000.00 |
| Payment × 36 | $312.08 |
| Total of payments | $11,234.79 |
| Total interest | $1,234.79 |
How the payment is calculated
Every fixed-rate loan uses the same amortization formula: payment = L × i ÷ (1 − (1 + i)^−n), where L is the loan amount, i the monthly rate from the APR, and n the number of months. A $10,000 loan at 8% over 36 months is about $313 a month.
Rate and term move the payment in opposite ways
A higher APR raises the payment and the interest. A longer term lowers the monthly payment but raises the total interest, because you borrow the money for longer. The cheapest loan overall is the shortest term you can afford the payment on.
APR vs. interest rate
The APR folds most loan fees into the rate, so it is the honest number for comparing offers — use it here. The total of payments minus the loan amount is your true cost of borrowing; a low monthly payment on a long term can still be an expensive loan.
Informational and educational result. Not a substitute for professional advice.
Frequently asked questions
Sources
- Standard amortization formula for fixed-rate loans
Related calculators
Personal Loan
Work out the monthly payment on a personal loan from the amount, APR and term, and see the total interest you will pay over the life of the loan.
CalculateFinanceAuto Loan
Calculate your monthly car payment from the price, down payment, APR and loan term, and see how much interest you pay over the life of the loan.
CalculateBusiness & MarketingInstallment
Calculate the monthly payment and the extra interest you pay when buying on an installment plan with a monthly rate. Compare the total to the cash price.
Calculate