Loan Payment Calculator
Estimate the monthly payment, total interest and total cost of a fixed-rate loan from the amount, interest rate and term. Private and instant.
Monthly payment
$386.66
Estimate for fixed-rate, fully amortising loans. Excludes fees, insurance and taxes. Actual offers may vary.
About this tool
Estimate the monthly payment for a fixed-rate, fully amortising loan from three inputs: the amount borrowed, the annual interest rate and the term in years. The tool also shows the total amount repaid and the total interest paid over the life of the loan.
This is an estimate for planning purposes and does not include fees, insurance or taxes. Actual offers may differ.
Examples
- $20,000 at 6% over 5 years → ≈ $386.66 / month
- Total interest over the term is shown alongside the monthly figure
- Set 0% interest to split the principal evenly across the term
Frequently asked questions
What kind of loan does this calculate?
It models a standard fixed-rate, fully amortising loan with equal monthly payments — the structure used for most mortgages, car loans and personal loans.
Does it include fees or taxes?
No. The estimate covers principal and interest only. Add any fees, insurance or taxes separately for a complete picture.
How is the monthly payment formula derived?
It uses the standard amortisation formula: M = P · r · (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where r is the monthly rate and n is the number of months.
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