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Loan Calculator

What will my loan payment be?

Enter the amount, rate and term and see what you would pay each month and in total.

One Click Answers · Loan Payment Calculator
oneclickanswers.com/loan-calculator · Printed
About this tool & how to use it

What it does

Find the monthly payment, total interest and total cost of any loan, then see the full payment schedule, extra-payment savings and rate and term comparisons.

How to use it

  1. Enter the loan amount and the yearly interest rate.
  2. Enter the term in years or months. Add an extra monthly payment if you plan to pay more.
  3. Read the monthly payment, total interest and total repayment.
  4. Press "Get a detailed answer" for the full working: tables, charts and what-if comparisons.

Added to every payment and applied to principal.

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Assumptions

  • A fixed rate and the same payment every month, starting next month.
  • Fees, insurance and late charges are not included. A fee rolled into the loan would raise the amount you borrow.
  • The rate is the yearly rate the lender charges. An APR shown by a lender can include fees and be higher.
  • Everything you enter is worked out in your browser and is never sent anywhere.

Printed from oneclickanswers.com. Results are estimates based on what was entered; see the assumptions above.

How we calculated this

The level payment is amount x r / (1 - (1 + r)^-n), where r is the yearly rate / 12 and n is the number of months. For $25,000 at 6% for 60 months, r = 0.005 and the payment is $483.32.

Each month the interest is the balance x r, rounded to the cent. The rest of the payment reduces the balance, so the next month's interest is a little smaller.

The last payment clears whatever is left from rounding, so the table adds up to the headline totals.

The scenarios in the detailed answer rerun the same schedule with one input changed: an extra payment, a lower or higher rate, a shorter or longer term.

Formulas and details
  • Payment = P x r / (1 - (1 + r)^-n), with r = yearly rate / 12 and n = months, rounded to the cent.
  • Interest each month = balance x r, rounded to the cent. Principal paid = payment - interest.

Assumptions

  • A fixed rate and the same payment every month, starting next month.
  • Fees, insurance and late charges are not included. A fee rolled into the loan would raise the amount you borrow.
  • The rate is the yearly rate the lender charges. An APR shown by a lender can include fees and be higher.
  • Everything you enter is worked out in your browser and is never sent anywhere.

Example

Input: $25,000 at 6% for 5 years

Result: Your estimated monthly payment is $483.32. You would pay about $3,999.23 in total interest over 5 years, for a total of $28,999.23.

Questions

Why does a lender's payment differ by a few cents?

Lenders round each month's interest to the cent and may count days slightly differently. The difference is small but real.

Do extra payments really save money?

Yes, when the extra goes to principal. Interest is charged on the balance, so a smaller balance means less interest. Ask your lender that there is no prepayment penalty.

What is the difference between this and the Car Loan Calculator?

The Car Loan Calculator adds a vehicle price, trade-in, tax and fees. This is the general loan: amount, rate and term.

Last reviewed 2026-10-08. Report an incorrect result

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