Loan Payment Calculator
Calculate the fixed monthly payment, total amount paid, and total interest for any amortizing loan with this free loan payment calculator. Enter loan amount, annual interest rate, and term in years to instantly see your payment breakdown in USD for car loans, personal loans, and small-business financing. Works offline with no signup required ever in Austin, Chicago, Miami, Denver, Seattle, and New York.
Calculate monthly loan payments instantly in your browser. Free online loan payment calculator for amount, rate, term, and total interest.
Calculator Inputs
About Loan Payment
Calculate the fixed monthly payment, total amount paid, and total interest for any amortizing loan with this free loan payment calculator. Enter loan amount, annual interest rate, and term in years to instantly see your payment breakdown in USD for car loans, personal loans, and small-business financing. Works offline with no signup required ever in Austin, Chicago, Miami, Denver, Seattle, and New York.
How the amortization formula works: The calculator uses the standard formula payment equals P times r times (1 plus r) to the n divided by (1 plus r) to the n minus 1, where P is principal, r is monthly rate, and n is total months. For a $20,000 loan at 5 percent over 60 months, r equals 0.004167, giving a monthly payment of $377.42. Total paid equals payment times months, and total interest equals total paid minus principal.
Total interest and true borrowing cost: The total interest reveals the real cost of borrowing. A $20,000 car loan at 5 percent over 5 years costs $2,645.20 in interest, meaning you pay $22,645.20 total. A $300,000 mortgage at 6.50 percent over 30 years costs $339,680 total with $339,680 in interest alone. This visibility helps Austin buyers compare 5-year versus 7-year terms, Chicago homeowners evaluate refinancing, and Miami business owners assess SBA loan costs.
Car, personal, and business loan scenarios: Austin buyers calculate $377 monthly on $20,000 at 5 percent. Chicago homeowners estimate $1,610 on $300,000 at 6.50 percent. Miami small-business owners project $425 on $25,000 at 7.25 percent. Denver contractors calculate $2,121 on $100,000 at 8.00 percent. Seattle graduates estimate $355 on $35,000 at 4.50 percent. New York freelancers compute $531 on $25,000 at 9.00 percent. The tool handles zero-interest loans by dividing principal by months.
Term length comparison: Shorter terms mean higher monthly payments but far less total interest. A $20,000 loan at 5 percent over 3 years costs $1,578 in interest versus $2,645 over 5 years. Miami auto buyers use this to choose 36 versus 60 months. Chicago homeowners compare 15-year versus 30-year mortgages. Denver contractors evaluate 3-year versus 5-year equipment terms. New York freelancers compare 3-year versus 5-year personal loan options. The calculator shows both monthly and total costs.
Zero-interest and edge cases: When the rate is zero, the payment simply equals principal divided by months. The calculator handles this without error. Very short terms like 1 month and very long terms like 30 years compute correctly. The minimum term is 1 month. All math runs locally in your browser with no uploads, keeping financial data private.
Where it is used
Austin auto buyers computing $377 monthly payments on $20,000 car loans at 5.00 percent over 5 years, Chicago homebuyers estimating $1,610 payments on $300,000 mortgages at 6.50 percent over 30 years, Miami small-business owners projecting $425 payments on $25,000 SBA loans at 7.25 percent over 7 years, Denver contractors calculating $2,121 payments on $100,000 equipment loans at 8.00 percent over 5 years, Seattle graduates estimating $355 payments on $35,000 student loans at 4.50 percent over 10 years, and New York freelancers computing $531 payments on $25,000 personal loans at 9.00 percent over 5 years.
How to use the Loan Payment
- Loan amount — enter the value (e.g. 20000).
- Annual interest rate (%) — enter the value (e.g. 5).
- Loan term (years) — enter the value (e.g. 5).
- Calculate — press the Calculate button to see the result instantly above.
Examples
Car loan
Mortgage estimate
Small business
Frequently Asked Questions
- Is this for fixed-rate loans only?
- Yes. It assumes a fixed rate and equal monthly payments, which fits most car, personal, and SBA loans.
- Why does a shorter term save interest?
- Fewer months means fewer interest accrual periods, so you pay far less total interest even though each payment is higher.
- Does this include taxes and insurance?
- No. Add property taxes, insurance, and fees manually for a complete mortgage cost estimate.
- Can I use this for student loans?
- Yes. Enter the balance, rate, and term to see fixed-payment estimates for federal or private student loans.
- Is this free and offline?
- Yes. It works instantly offline with no signup required ever.
- What if the rate is zero?
- The calculator divides principal by months with no interest added, giving the simplest possible payment.