What formula does the Payment Calculator use?

It uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments.

How is a monthly payment different from a loan amount?

The loan amount is what you borrow upfront. The monthly payment is the fixed amount you repay each period to fully pay off the loan—including both principal and interest—by the end of the term.

What happens if my interest rate is 0%?

With a 0% interest rate the monthly payment is simply the loan amount divided by the number of payments, so you pay back exactly what you borrowed with no interest charges.

Payment Calculator

Overview

Easily calculate your periodic loan payment from principal, interest rate, and loan term. Find out exactly how much you owe each month.

The Payment Calculator solves for the periodic (monthly) payment given a loan amount, annual interest rate, and loan term. Enter the three inputs and instantly see your scheduled payment, total amount paid, and total interest charged over the life of the loan.

How to use

Calculate your loan payment in three quick steps.

Enter the loan amount: Type in the total amount you are borrowing (the principal).
Enter the annual interest rate: Input the annual percentage rate (APR) quoted by your lender.
Enter the loan term: Specify the repayment period in years and click Calculate to see your monthly payment.

FAQs

What formula does the Payment Calculator use?: It uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments.
How is a monthly payment different from a loan amount?: The loan amount is what you borrow upfront. The monthly payment is the fixed amount you repay each period to fully pay off the loan—including both principal and interest—by the end of the term.
What happens if my interest rate is 0%?: With a 0% interest rate the monthly payment is simply the loan amount divided by the number of payments, so you pay back exactly what you borrowed with no interest charges.