Loan payment calculator
Estimate the monthly principal-and-interest payment for a fixed-rate loan. Compare different amounts, annual interest rates, and terms, then see how much interest you would pay overall. Amounts are displayed in US dollars.
Loan payment
- Total interest
- $318,861.22
- Total paid
- $568,861.22
- Monthly payments
- 360
How monthly loan payments are calculated
For equal monthly payments made at the end of each month, use M = P × r ÷ (1 − (1 + r)−n).
- P: loan principal.
- r: annual interest rate as a percentage, divided by 1,200.
- n: the number of monthly payments, equal to the term in years multiplied by 12.
At 0% interest, the monthly payment is simply P ÷ n. The calculator supports whole-month terms from one month to 50 years, annual rates from 0% to 100%, and principal amounts greater than zero up to $1 trillion. A half-year term can be entered as 0.5.
Worked example: $250,000 at 6.5% for 30 years
The estimated monthly payment is $1,580.17 over 360 payments. Using the unrounded payment, total payments are approximately $568,861.22 and total interest is approximately $318,861.22. Displayed amounts are rounded to cents; an actual lender may round each payment and adjust the final one.
What the estimate includes
This model includes principal and interest only. It assumes one fixed rate, a fully amortizing balance, and monthly repayments. It excludes taxes, insurance, origination fees, other charges, extra repayments, and changing rates. Enter the interest rate rather than an APR that includes fees.
Use this estimate for comparison. Actual lender schedules and costs may differ. Review the lender’s disclosures before making a borrowing decision.
For background on the distinction, the US Consumer Financial Protection Bureau explains interest rates and APR. Loan disclosures and calculation conventions vary by country and lender.
Common questions
Why does a longer term usually cost more interest?
At the same positive interest rate, a longer term spreads repayment across more months. It usually lowers the monthly payment while increasing total interest.
Can I use this for a mortgage or car loan?
It can estimate principal and interest for a fixed-rate loan with equal monthly payments. A mortgage payment may also include taxes, insurance, and other charges that are excluded here. Some loans use different interest or repayment rules.
Are my loan inputs saved?
No. Values remain in browser memory while this page is open. This calculator does not store a loan history or send your entries to a calculation server.
Method reviewed September 18, 2026. Read AyeCalc’s methodology · Disclaimer · Unit converters