Does this show the lender’s exact payment?
No. It estimates principal and interest only; lender fees, insurance and rounding conventions can change an offer.
Loan Payment Calculator
Estimate a fixed monthly payment and total interest for a standard amortizing loan.
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Adjust the values below to get a clear estimate.
How the monthly payment is calculated
For a fixed annual rate, the annual rate is divided by 12 and applied over the full number of monthly payments. At zero interest, principal is divided evenly by the number of payments.
M = P × [i(1 + i)^n] / [(1 + i)^n − 1]Worked example
A simple fixed-rate illustration
Inputs: principal: $20,000 · annualRate: 6% · term: 5 years
Illustrative result: About $386.66 per month
Principal and interest only, using a constant 6% annual rate over 60 monthly payments. Fees and other costs are excluded.
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Frequently asked questions
What happens at 0% interest?
The principal is divided evenly by the total number of monthly payments.