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Loan Payment Calculator

Estimate fixed monthly loan payments.

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YOUR RESULTS
Monthly payment599.55
Total interest115,838.19
Total paid215,838.19

Estimates only. Verify financial, tax and shipping decisions.

Compare loan terms

Compare two repayment terms using the same principal and annual interest rate.

EstimateCurrent · 360 mo.Alternative · 180 mo.
Monthly payment599.55843.86
Total interest115,838.1951,894.23
Total paid215,838.19151,894.23
View month-by-month amortization schedule

Amounts are rounded for display. The schedule uses the current term and excludes fees.

MonthPaymentPrincipalInterestBalance
1599.5599.55500.0099,900.45
2599.55100.05499.5099,800.40
3599.55100.55499.0099,699.85
4599.55101.05498.5099,598.80
5599.55101.56497.9999,497.24
6599.55102.06497.4999,395.18
7599.55102.57496.9899,292.61
8599.55103.09496.4699,189.52
9599.55103.60495.9599,085.92
10599.55104.12495.4398,981.79
11599.55104.64494.9198,877.15
12599.55105.16494.3998,771.99
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About the Loan Payment Calculator

Estimate a level monthly payment on a fixed-rate amortizing loan using the loan balance, annual rate and term.

Formula or method

For monthly interest rate r and n payments, payment = P × r ÷ (1 − (1+r)^(−n)). At zero interest, payment = P ÷ n.

Worked example

A 100,000 loan at 6% over 30 years has an estimated monthly payment of 599.55. The first month adds 500.00 in interest and repays 99.55 of principal, leaving 99,900.45. At the same rate over 15 years, the monthly payment is 843.86.

How to use the tool

  1. Enter principal, annual interest rate and the loan term in years.
  2. Compare the estimated monthly payment, total interest and total paid.
  3. Enter a comparison term to see how the monthly payment and total interest change at the same rate. Open the amortization schedule to see each payment's principal, interest and remaining balance.

When this tool is useful

Estimate monthly payments and total interest for a simple fixed-rate loan.

What to check before relying on the result

Assumes a nominal annual rate split into monthly payments, regular amortization and no fees; it is not a lender quote.

Assumptions and limitations

This model assumes a fixed nominal annual rate divided into monthly periods, constant scheduled payments, and no fees. Terms entered in years are rounded to whole months. The schedule shows estimated amounts rounded for display. Actual loans can apply different compounding and rounding rules.

Frequently asked questions

Does the result include loan fees?

No. Origination, insurance, late-payment or early-repayment fees are not included in the displayed installment.

Does the calculator include origination fees or variable rates?

No. It models a constant interest rate and scheduled payments; add fees and possible rate changes separately when comparing lenders.

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Privacy and support

Your inputs are processed locally in your browser. ToolMosaic does not upload or store the values you enter in this tool. Our tools are free, and we appreciate your support.