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What this tool does

Estimate the monthly payment on a fixed-rate installment loan, including a personal loan. Enter the amount, the annual rate, the term, and an optional fee that is not financed.

How to use

1. Enter the loan amount and the annual interest rate.
2. Enter the term in years or months. The sample is 20,000 at 7% for 5 years.
3. Enter a fee if you want it counted in the total cost. A fee of 0 leaves the payment unchanged.
4. Press Calculate to see the payment, the interest, and the yearly schedule.

Examples

• 20,000 at 7% for 5 years

  The payment is the amount that pays the loan off in 60 months at that rate. Total interest is the sum of the payments minus 20,000.

• A zero-interest loan

  The payment is the loan amount divided by the number of months. Total interest is 0.

Main features

• A standard fixed payment, including a zero-interest loan.
• Principal, interest, fee, and total cost shown as separate amounts.
• A yearly schedule, with the monthly rows available on request.

How it works

The monthly payment is P times r(1+r)^n divided by (1+r)^n minus 1. P is the amount borrowed, r is the annual rate divided by 12, and n is the number of months. At a 0% rate the payment is P divided by n. A longer term usually lowers the payment and raises the total interest. The interest rate here is the rate used in that formula. APR can include fees, so a fee entered on this page is added to the total cost and is not turned into an APR.

Tips

• Compare two terms by calculating twice. A shorter term usually costs less interest and has a higher payment.
• This page can answer a personal-loan question. It does not need a separate personal-loan URL.

Limitations

The result is an estimate from the numbers you enter. It is not a lender’s offer, and it does not include a variable rate or a payment holiday. The fee is not added to the amount that accrues interest.

See the disclaimer for what these tools do not cover.

FAQ

How is a loan payment calculated?

For a fixed rate above 0, the page uses the standard installment formula and rounds the payment to cents. At 0%, it divides the amount by the number of months.

How does the loan term affect interest?

More months usually mean a smaller payment and more total interest, because the balance stays outstanding longer.

What is the difference between interest rate and APR?

The rate in the form is the annual rate used to compute the payment. APR can also include fees. This page adds an optional fee to the total cost and does not label that total as an APR.

Are these numbers sent to a server?

No. Payment and interest are calculated here from the numbers you type. They are not uploaded.