How to calculate a loan payment
A fixed loan payment is based on the loan amount, monthly interest rate, and number of monthly payments. Higher rates and shorter terms usually increase the monthly payment.
Free finance calculator
Loan Payment Calculator
Estimate monthly loan payments, total interest, total cost, payoff date, and how extra payments can shorten a loan.
- Monthly payment
- Total interest
- Payoff date
- Extra payment effect
Payment result
Estimated monthly payment
Monthly payment
$500.95
- Total payment with extra
- $500.95
- Total interest
- $5,056.92
- Total cost
- $30,056.92
- Estimated payoff
- May 2031
- Time saved with extra payments
- 0 months
Estimate only. This is not financial advice or a loan offer.
How extra payments affect a loan
Extra monthly payments reduce the principal faster. That can shorten the payoff timeline and lower total interest, especially early in the loan term.
What this loan calculator does not include
This simple estimate does not include lender fees, late fees, taxes, insurance, variable rates, escrow, or prepayment restrictions. Always compare actual loan disclosures before borrowing.