How to use the loan payment calculator
Compute a monthly loan or mortgage payment. Enter loan amount, annual interest rate, term in the fields above; the monthly payment, total paid, total interest are computed instantly and plotted on the chart so you can see how the answer changes.
Formula
Variables
- P — Loan amount
- r — Annual interest rate (%)
- y — Term (years)
Worked example
With loan amount = 20000, annual interest rate = 6 %, term = 5 years, the calculator gives monthly payment ≈ 386.656; total paid ≈ 23,199.36; total interest ≈ 3,199.362.
Frequently asked questions
What is the formula for the loan payment calculation?
Monthly payment = P × (r / 1200) / (1-(1+r / 1200)^(-12 × y)). Total paid = [Monthly payment] × 12 × y. Total interest = [Total paid]-P. Here P is loan amount, r is annual interest rate (%), y is term (years).
What inputs do I need for the loan payment calculator?
You need loan amount, annual interest rate in %, term in years. Each field is pre-filled with a typical example so you can see how the result responds as you edit the numbers.
How do I use this calculator?
Type values into the input fields. Results and the chart update instantly. Use Reset to restore the example values, Copy results to paste them elsewhere, or Share to copy a link that preserves your inputs.
Is the result exact?
Calculations use standard formulas and double-precision arithmetic, then display about seven significant figures. Real-world measurements carry uncertainty, so treat results as estimates unless your inputs are exact.