🏦 Loan Calculator
Calculate your monthly loan payment, total payment and interest instantly!
Loan payment method and assumptions
This calculator estimates equal monthly payments for a fixed-rate, fully amortizing loan. It treats the annual rate as a nominal rate divided into monthly periods.
Worked example
For a $10,000 principal, 5.5% annual interest, and a five-year term, the monthly rate is 0.055 ÷ 12 and there are 60 payments. The estimated payment is about $191.01; totals can differ by a few cents because payments are rounded for display. A fractional-year term is rounded to the nearest whole month.
What is excluded
The estimate does not include origination fees, taxes, insurance, variable rates, payment-date effects, or lender-specific rounding. It is not a lender quote or financial advice. Compare the full annual percentage rate and written loan terms before borrowing.
Tool notes are based on the current implementation and are provided for general information. Review important outputs before relying on them.