Loan Payment Calculator
Loan calculator: monthly payment, loan amount, term or interest rate of a fixed-rate personal, auto or student loan, plus total interest.
M = P · r1 − (1 + r)−n
How to use this calculator
- Choose the quantity you want under “Solve for”.
- Type the known values and pick their units: any combination works.
- The result updates as you type. Open “Show the steps” to see the substitution.
This calculator solves the standard amortizing-loan formula in any direction: find the monthly payment, how much you can borrow for a payment you can afford, how many years it takes, or the interest rate a lender is actually charging.
It works for personal loans, auto loans and student loans with a fixed rate and equal monthly payments.
Results are estimates for information only and do not constitute financial advice. Your lender’s or bank’s figures may differ.
Formula
M = P · r1 − (1 + r)−n
| Symbol | Quantity | Units |
|---|---|---|
| P | Loan amount | $, €, £ |
| i | Annual interest rate | %, × |
| t | Term | years, months |
| M | Monthly payment | $, €, £ |
Constants used: r = annual rate / 12 · n = months
Worked example
Given: P = 20,000.00 $ · i = 7 % · t = 5 years
M = Pr1 − (1 + r)−n
Result: M = 396.02 $
Frequently asked questions
What is the payment on a $20,000 loan at 7 % for 5 years?
$396.02 a month, for a total of $23,761 including $3,761 of interest.
How do I find the interest rate from the payment?
Select the rate under “Solve for” and enter the loan amount, term and payment. The rate is found numerically.