Money
Loan Payment Calculator
Estimate monthly payments, total interest and payoff time for a fixed-rate amortizing loan.
Monthly payment
$377.42
- Total interest
- $2,645.48
- Total paid
- $22,645.48
- Payments
- 60 months
- Interest saved
- $0.00
CalculateWise provides estimates for informational purposes only and is not financial, tax, legal, lending or investment advice.
How to use the Loan Payment Calculator
- Enter the loan principal and annual rate.
- Choose the loan term in years.
- Add an optional extra monthly payment.
How it works
Each payment first covers monthly interest; the remainder reduces principal. Extra payments reduce principal faster.
Formula
Payment = principal × r ÷ (1 − (1 + r)⁻ⁿ)
Example
A $20,000 loan at 5% for 5 years has a base payment of about $377.42 per month.
Common uses
- Auto loans
- Personal loans
- Comparing repayment terms