Loan Calculator

Find the payment on a loan, how much you can borrow for a payment you can afford, or how long a loan takes to pay off.

What Do You Want to Find?
$
Fractions and decimals both work.
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Per Month
Loan amount
Payment
Number of payments
Total interest
Total paid
Payoff date
Interest as % of Loan

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LoanAmountAPRPaymentsPaymentInterestRemove

How to Calculate a Loan Payment

Fixed-rate installment loans (personal, auto, student, business) use the same formula: the payment that pays off the balance, with interest, in a set number of equal payments.

Payment = L × r × (1 + r)n ÷ ((1 + r)n − 1)
Loan amount = Payment × (1 − (1 + r)−n) ÷ r   Payments to pay off = −ln(1 − r × L ÷ Payment) ÷ ln(1 + r)

r is the rate per payment (APR ÷ payments per year) and n the number of payments. This matches Excel's PMT, PV and NPER functions.

Worked Example

Tips

APR includes some fees, so it can be a bit higher than the note rate; for the payment, use the note rate if you have it. Longer terms lower the payment but raise total interest. The monthly payment on a loan with an origination fee taken out of the proceeds is based on the full amount borrowed.