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Calculate the monthly payment and total interest on a personal, student or business loan.
How the calculation works
The calculator turns the annual interest rate into a monthly rate and finds the fixed payment that pays the loan off exactly at the end of the term. Total interest is the total of all payments minus the amount borrowed.
Formula used
Payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where r = annual rate ÷ 12 ÷ 100 and n = number of months
Example
Borrowing $10,000 at 8% for 3 years gives a monthly payment of $313.36 and total interest of $1,281.09.
Frequently asked questions
What if my rate is 0%?
With a 0% rate the payment is simply the loan amount divided by the number of months.
Does this include fees?
No. Origination or late fees are not included, so your real cost may be slightly higher.
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Results are estimates for general information only and are not professional financial, medical or legal advice.