Loan Payment Calculator
Estimate a fixed-rate loan's monthly payment, total paid, and total interest.
Data handling
- Processing
- The selected input is processed in your browser. Got A Tool does not send it to our servers.
- Retention
- Inputs and results are not saved to persistent storage. Resetting or closing this page clears the tool's working state.
- Export
- The tool may prepare a result after you run it. It downloads or copies it only when you choose that action.
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How it works
Loan Payment Calculator: a practical guide
A fixed-rate loan payment calculator estimates the regular monthly payment needed to repay a principal balance over a selected term. Enter the amount borrowed, annual interest rate, and duration to compare a basic principal-and-interest scenario before checking actual lender terms.
- STEP 01
Enter the amount borrowed in your chosen currency units.
- STEP 02
Enter the annual fixed interest rate and loan term.
- STEP 03
Review the regular payment, adjusted final installment, total paid, and total interest.
What this tool does and its limits
For a positive monthly rate, the estimate uses payment = principal × rate ÷ (1 − (1 + rate)⁻ⁿ), where rate is the annual percentage rate divided by 12 and n is the number of monthly payments. A zero-rate loan divides principal evenly by the number of months. The displayed schedule rounds monthly interest and payments to cents, then adjusts the final installment to clear the remaining balance; for extreme rates or terms, this final amount can differ substantially from the regular payment. This is an estimate for a fixed-rate, fully amortizing loan. It excludes taxes, insurance, fees, variable rates, and lender-specific payment rules. The Consumer Financial Protection Bureau explains that a mortgage's full monthly payment may include costs beyond principal and interest.
Inputs, selected files, and results stay in your browser. The tool does not upload them to Got A Tool or save them to persistent storage.
Questions
Loan Payment Calculator details
Does this show a mortgage's full monthly cost?
No. It estimates principal and interest only. Property taxes, insurance, fees, and other costs may increase the payment.
What does a 0% interest rate do?
The amount borrowed is divided evenly across the selected number of months.
Does it support variable-rate loans?
No. It assumes the annual rate stays fixed for the entire term.
Why can the final installment be different?
Monthly interest and payments are rounded to cents. The last payment is adjusted to clear the remaining balance and can differ substantially for extreme rates or terms. Check a lender's official quote and disclosures for actual amounts.
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