💵 Loan Payment Calculator
Enter a loan amount, interest rate, and term to calculate the estimated fixed monthly payment — works for personal loans, student loans, or any fixed-rate loan.
How the Loan Payment Calculator works
Uses the standard amortization formula: a fixed monthly payment that covers both interest and a growing share of principal over the life of the loan.
Step-by-step calculation
- 1Enter the loan amount.
- 2Enter the interest rate and term.
- 3The amortization formula finds the fixed monthly payment.
- 4See total interest over the loan.
Worked example
$20,000 at 7% for 5 years: $396.02 a month and $3,761.44 of total interest.
Loan Payment Calculator examples
| Loan amount ($) | Estimated monthly payment |
|---|---|
| 5,000 | ~$101.38 / month (estimate) |
| 7,500 | ~$152.07 / month (estimate) |
| 10,000 | ~$202.76 / month (estimate) |
| 12,500 | ~$253.45 / month (estimate) |
| 15,000 | ~$304.15 / month (estimate) |
Other inputs kept at the calculator's default values. Results calculated by this calculator.
Why use a Loan Payment Calculator?
Compare personal, student or business loan offers on the same basis.
Important factors that can affect your results
- Origination fees raise the real cost (check the APR).
- Variable rates can change payments.
- Paying early reduces total interest.
Frequently asked questions
Does this work for any loan type?
Yes — any fixed-rate, fixed-term loan (personal, student, business) uses the same amortization math.
What if my loan has a variable rate?
This calculator assumes a fixed rate for the full term; a variable-rate loan's payment will change over time.
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Last reviewed November 2026 · How we build and check our tools · Report a problem