Loan Payment Calculator
The Loan Payment Calculator computes the monthly payment for personal loans, business loans, or any fixed-rate installment loan based on amount, rate, and term.
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How This Tool Works
Enter your loan amount, annual interest rate, and term in months to calculate your fixed monthly payment and total interest paid.
Formula & Method
Monthly payment = P × r × (1+r)^n ÷ ((1+r)^n − 1), the standard fixed-rate amortization formula.
Example Calculation
A $15,000 loan at 9% APR over 48 months has a monthly payment of about $373, with total interest of roughly $2,914.
Frequently Asked Questions
Does this work for any type of loan?+
Yes — this formula applies to any fixed-rate, fixed-term installment loan, including personal loans, business loans, and student loans.
What if my loan has a variable rate?+
This calculator assumes a fixed rate for the full term. For variable-rate loans, your payment will change if the rate changes, so treat this as an estimate based on the current rate.
How is total interest calculated?+
Total interest equals your total of all payments (monthly payment × number of months) minus the original loan amount.
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