How it works
Calculate your monthly loan payment, total interest, and total repayment for a fixed-rate personal loan.
Enter the loan amount, the annual interest rate, and the term in years. The calculator computes the equal monthly payment using the standard amortization formula and shows how much interest you will pay over the life of the loan.
Formula
M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where r = annual rate / 12 and n = years × 12.
P- Loan amount (principal) (currency)
r- Monthly interest rate (annual % / 12)
n- Number of monthly payments (months)
Examples
- 20,000 at 6% over 5 yearsLoan amount 20,000 · rate 6% · term 5 yearsMonthly payment ≈ 386.66 · total interest ≈ 3,199.36
Frequently asked questions
Does the interest rate include fees?
No. This calculator uses the nominal annual rate. Upfront fees, insurance, or other charges are not included.
Can I use this for any loan amount?
It works for any fixed-rate, equal-payment loan between 1,000 and 1,000,000,000 with a term up to 50 years.
What happens at 0% interest?
At 0% the payment is simply the loan amount divided by the number of payments, and total interest is 0.
How to read the result
The monthly payment is fixed for the whole term. Total interest is the cost of borrowing — the difference between what you repay and what you originally borrowed.
Limitations
Assumes a fixed rate and equal payments. Does not model variable rates, interest-only periods, fees, early repayment penalties, or taxes.
Source: Fixed-rate amortization formula (standard consumer-credit formula).