The Loan Calculator helps you calculate the monthly payment for any fixed-rate loan. Simply fill in the fields above and click Calculate to get an instant result.
This calculator is part of Calculate Wiki’s Finance Calculators collection.
What You’ll Need
- Loan Amount ($)
- Annual Interest Rate (%)
- Loan Term (years)
Formula Used
Monthly Payment = P × (r × (1+r)ⁿ) ÷ ((1+r)ⁿ − 1)
where P = loan amount, r = monthly interest rate, n = number of monthly payments
Example Calculation
Using example inputs — Loan Amount = 20000 $; Annual Interest Rate = 7 %; Loan Term = 5 years — the Loan Calculator returns:
| Value | Result |
|---|---|
| Monthly payment | $396.02 |
| Total paid | $23,761.44 |
| Total interest | $3,761.44 |
$396.02 / month. Total repaid: $23,761.44 over 5 years.
Helpful Information
Results from the Loan Calculator are estimates based on standard formulas used in the finance calculators field. For projects with significant cost, health, or safety implications, consider verifying results with a qualified professional.