What information do I need to calculate a loan payment?

Enter the loan amount, APR, and repayment term. For a fixed-rate installment loan, those inputs are enough to estimate a monthly payment and total interest before fees.

Is APR the same as the interest rate?

Not always. APR is a broader annual cost measure and may include certain finance charges. Use the rate shown in your lender disclosure for the closest estimate.

Why can my lender payment differ from this calculator?

Lenders may use different rounding, payment dates, fees, insurance, or day-count rules. This page is a planning estimate, not a credit offer.

Does this calculator include early payoff?

No. It builds a standard schedule without extra payments. Early payoff requires a separate schedule with additional principal payments.

Loan Calculator

Estimate a fixed-rate installment loan payment, total interest, total repayment, and month-by-month amortization schedule.

Estimate a fixed-rate installment loan payment, total interest, total repayment, and a month-by-month amortization schedule. If your term is listed in years, multiply it by 12.

Loan amount, $

APR, %

Term, months

This estimate does not include lender fees, insurance, optional add-ons, late fees, prepayment rules, variable rates, or lender-specific rounding.

What this loan calculator estimates

Use this calculator for a fixed-rate installment loan when you know the loan amount, APR, and repayment term. It estimates the monthly payment, total interest, total repayment, and a month-by-month amortization schedule.

Monthly payment for a fixed payment schedule.
Total interest paid over the full term.
Total repayment before lender fees or optional products.
Principal, interest, and remaining balance for each month.

Estimate only

The calculator does not include origination fees, insurance, late fees, prepayment rules, variable rates, or lender-specific rounding. Review lender disclosures before borrowing.

Fixed payment formula

M = P \cdot \frac{i ( 1 + i ) ^{n}}{( 1 + i ) ^{n} - 1}

M is the monthly payment, P is the loan amount, i is the monthly rate, and n is the number of monthly payments.

I_{t o t a l} = M \cdot n - P

I_total is total interest before fees and optional add-ons.

Declining-payment mode splits principal evenly and charges interest on the remaining balance. That comparison can be useful, but most personal loan search results lead with the fixed monthly payment model.

What can change the real payment

APR may include fees, while a simple interest rate may not.
Origination fees can reduce the cash received or increase the cost of borrowing.
Payment dates, day-count rules, and rounding can move the final cents.
Optional products and insurance can change the total cost.
Approval, rate, and term depend on the lender and borrower profile.

Frequently Asked Questions

Sources and References

Calculations are based on the listed reference sources. Links open in a new tab.

Updated: June 2, 2026

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