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LOANS & DEBT

Loan payment calculator

Find a fixed monthly loan payment, total interest, and the full repayment amount.

SET UP FOR YOUR COUNTRY Editable estimate

Loan payment calculator for United States

USD · 12,345.67US customary measurementsRoad distance: miles

United States planning scenario. Amounts, prices and rates are editable examples. No verified local tax bands, exemptions, benefits or lender rules are applied. Currency amounts are not exchanged.

Switch countries to open a separate scenario. Your edits are kept while this calculator is open; use Save scenario to keep them on this device.

Your details

USD
Example only. Enter the amount or rate applicable to your situation in United States.
%
Example only. Enter the amount or rate applicable to your situation in United States.
Enter years. Monthly loans and savings require a whole number of months; 0.5 years is 6 months.
Results update instantly as you change the inputs.

Monthly payment

$400.76

Amounts in USD · United States · editable planning estimate

Total interest$4,045.54
Total repaid$24,045.54
Number of payments60
Your calculation, beautifully packaged.Download a report with this result, your inputs, the formula, and assumptions.

How this result was calculated

  1. Monthly rate = annual rate ÷ 12
  2. Total repaid = monthly payment × number of payments
  3. Interest = total repaid − principal
  4. Country setup: United States. Displayed measurements are converted to the formula's base units internally.

Assumption: Fixed rate, monthly compounding and monthly payments. Origination fees and lender specific APR rules are excluded. United States planning scenario. Amounts, prices and rates are editable examples. No verified local tax bands, exemptions, benefits or lender rules are applied. Currency amounts are not exchanged.

Calculation version 1.0.0 · Support state: generic

Guides & conversions

How monthly loan payments are calculatedShorter vs longer loan terms: compare the full cost15-year vs 30-year loan comparison10-year vs 20-year loan comparison
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Formula and method

Payment = principal × periodic rate ÷ (1 − (1 + periodic rate)⁻ⁿ). This uses 12 equal payments per year.

This calculation uses the values you enter. It runs in your browser and does not request a location or account.

Worked example

A 20,000 loan at 7.5% over five years has 60 monthly payments. The result separates the amount borrowed from the interest cost.

Questions people ask

Is the displayed rate an APR?

Enter the rate used for monthly interest. This calculator does not derive a regulatory APR from fees.

Can I compare terms?

Change the term to see the payment and total interest update instantly.