Loan Payment Calculator
Calculate fixed monthly payments for personal loans and similar amortizing debt from amount, rate, and term.
Loan details
Monthly payment
Total interest: $5,775
Total paid over 60 months: $30,775
Monthly payment
Monthly payment
$512.91
How it works
Personal loans, student loans, and many installment debts use the same math as a mortgage: a fixed payment that amortizes principal over a set term at a stated rate.
Enter the amount you borrow, the annual percentage rate, and how many months or years you will repay. The calculator returns an estimated fixed monthly payment and the interest cost of staying on that schedule.
Unlike a credit card minimum, an amortizing loan is built to reach a zero balance on a known date if you pay on time. That predictability is useful for budgeting—but only if the rate and fees match your real offer.
Compare a shorter term vs a longer term before you sign. Stretching the term lowers the payment but usually raises total interest. The payment calculator makes that tradeoff visible in dollars.
For car purchases with tax, trade-in, and fees, use the Auto Loan Calculator. For accelerating an existing balance, use the Pay Off Calculator.
Frequently asked questions
- Is APR the same as the interest rate in this tool?
- Enter the rate your lender uses for amortization. APR can include fees, so if your disclosure separates rate and APR, use the rate that builds the payment schedule unless you are modeling all-in cost another way.
- Why is my payment different from the lender’s?
- Lenders may round differently, include fees in the financed amount, or use a slightly different day-count method. Treat Calcuit as a planning estimate, then confirm with the official disclosure.
- Can I model extra payments here?
- This page focuses on the standard fixed payment. To see interest saved from extras or biweekly plans, open the Pay Off Calculator with your remaining balance.
- Does this work for interest-only loans?
- No. The formula assumes a fully amortizing fixed payment. Interest-only or balloon structures need a different model.
Related calculators
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- Mortgage CalculatorEstimate a fixed monthly mortgage payment and see how interest vs principal change over the loan term.
- Savings Goal CalculatorDetermine how much to save monthly to reach your target savings goal with compound interest.
- Mortgage Payoff CalculatorSee how extra monthly or lump-sum payments shave years and thousands of dollars in interest off your mortgage.