💰 Loan Calculator: Estimate Monthly Payments and Total Interest
Estimate your monthly loan payment, total interest, and overall repayment cost in USD or CAD using the loan amount, annual interest rate, and term.
🧮 Fixed-Rate Loan Calculator
Enter your loan details to get an instant repayment estimate.
🌎 Country
Enter a whole number from 1 to 1,200 months.
Financial disclaimer: This calculator is for informational purposes only and does not provide financial, tax, legal, loan, or investment advice. Actual results may vary depending on lender terms, tax rules, fees, deductions, and personal circumstances.
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📘 How the Loan Calculator Works
This loan payment calculator estimates the cost of a fixed-rate loan with equal monthly payments.
💰 Enter the amount you plan to borrow.
📊 Enter the annual interest rate.
📅 Enter the full repayment term in whole months.
💳 View the estimated monthly principal-and-interest payment.
📈 Compare total interest and total repayment.
💡 A longer term may make the monthly payment feel lower, but it usually keeps you in debt longer and increases total interest.
🧮 Monthly Loan Payment Formula
M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]
M = estimated monthly payment
P = original loan principal
r = monthly interest rate
n = total number of monthly payments
Monthly Rate = Annual Rate ÷ 100 ÷ 12
Number of Payments = Entered whole months
Total Repayment = Monthly Payment × Number of Payments
Total Interest = Total Repayment − Loan Amount
0️⃣ At 0% interest, the loan amount is divided evenly by the number of monthly payments.
🎯 When to Use This Calculator
- 💳 Estimate personal-loan repayments.
- 🚗 Compare auto-loan and vehicle-financing offers.
- 📊 See how interest rates affect borrowing costs.
- 📅 Compare shorter and longer repayment terms.
- 🔄 Evaluate debt-consolidation options.
- 🏠 Estimate basic principal-and-interest costs for a fixed-rate home loan.
- 🛠️ Plan home-improvement financing.
- 💼 Estimate small-business or equipment-loan payments.
- 🎓 Create a basic student-loan repayment estimate.
- 🧾 Build a realistic monthly repayment budget.
💡 Loan Calculation Example
The same calculation engine used by the interactive tool estimates the following for a 20,000 USD loan at 6% over 60 months:
💳 Monthly payment
Approximately $386.66
🧾 Total repayment
Approximately $23199.36
📈 Total interest
Approximately $3199.36
📌 This example shows why it is important to compare the total borrowing cost—not only whether the monthly payment fits your budget.
🌎 Loan Estimates in the United States and Canada
🇺🇸 Using the Loan Calculator in the United States
Select US and enter the loan amount in USD to estimate fixed-rate monthly payments.
🏦 Common uses include:
- • Personal loans
- • Auto loans
- • Debt-consolidation loans
- • Home-improvement loans
- • Fixed-rate installment loans
- • Small-business financing
🧾 The calculator does not add origination fees, closing costs, taxes, insurance, mortgage insurance, late fees, or optional loan products.
🇨🇦 Using the Loan Calculator in Canada
Select CA and enter the loan amount in CAD to estimate monthly payments for a fixed-rate loan.
🏦 Common uses include:
- • Personal loans
- • Car loans
- • Debt-consolidation loans
- • Renovation financing
- • Fixed-payment instalment loans
- • Equipment financing
⚠️ This calculator divides the entered annual rate by 12 and assumes equal monthly payments. Canadian loan contracts may use a different compounding convention, so confirm the calculation method stated in your loan agreement.
📅 A Canadian mortgage term and amortization period are not always the same. The term entered here represents the full repayment period used by this calculator.
📚 Financial Consumer Agency of Canada personal-loan guidance
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📚 Method, Sources, and Review
Method: Fixed-rate, fully amortizing loan with equal monthly payments. The monthly rate equals the entered annual interest rate divided by 12. Calculations retain full precision until values are displayed.
Calculation version: Loan Calculator V2
Last reviewed: August 15, 2026
Maintained by: FigureNorth Editorial Team
Review status: Educational fixed-payment estimate; not an individual lender quote or financial recommendation.
❓ Loan Calculator FAQ
🧮 How do I calculate a monthly loan payment?
Enter the loan amount, annual interest rate, and loan term. The calculator converts the annual rate into a monthly rate and applies the standard amortization formula to estimate the monthly principal-and-interest payment.
💰 What does the loan amount mean?
The loan amount is the principal you actually borrow. It is not necessarily the purchase price. For example, if a vehicle costs 30,000 and you make a 5,000 down payment, the basic loan amount may be 25,000 before financed taxes, fees, trade-in adjustments, or add-ons.
📊 Should I enter the interest rate or APR?
This calculator applies the entered percentage directly as the loan’s annual interest rate. APR may include certain fees in addition to interest, so it is not always identical to the rate used to calculate scheduled payments.
📈 How is total interest calculated?
The calculator multiplies the estimated monthly payment by the number of monthly payments, then subtracts the original loan amount. Total Interest = Total Repayment − Loan Amount.
🧾 What is the total repayment amount?
Total repayment is the sum of all scheduled monthly principal-and-interest payments over the full loan term. It does not include costs that are not part of the entered loan amount or interest rate.
📅 Does a longer loan term lower the monthly payment?
Usually, yes. Spreading repayment across more months generally reduces the monthly payment, but it normally increases the total interest paid over the life of the loan.
📉 Does a lower interest rate save money?
Yes, assuming the loan amount and term remain the same. A lower interest rate generally reduces both the estimated monthly payment and total interest.
0️⃣ Does this calculator support 0% interest loans?
Yes. At 0% interest, the calculator divides the loan amount evenly across the total number of monthly payments and reports zero total interest.
🚗 Can I use this calculator for an auto loan?
Yes, if you already know the amount being financed. The calculator does not separately collect vehicle price, down payment, trade-in value, sales tax, or dealer fees. Include financed costs in the loan amount where appropriate.
💳 Can I use this calculator for a personal loan?
Yes. It is suitable for a fixed-rate personal loan repaid through equal monthly payments. Check the agreement for origination fees, insurance, administrative charges, and prepayment conditions.
🏠 Can I use it as a mortgage calculator?
It can provide a basic principal-and-interest estimate for a fixed-rate, fully amortizing loan using monthly compounding. It does not include property tax, insurance, mortgage insurance, HOA fees, closing costs, or adjustable-rate changes.
🇨🇦 Does it calculate Canadian mortgage payments exactly?
Not necessarily. This calculator divides the entered annual rate by 12 and assumes equal monthly payments. Canadian loan contracts may use a different compounding convention, so confirm the calculation method stated in your loan agreement.
📆 Can I calculate weekly or biweekly payments?
Not with the current version. This calculator assumes 12 equal scheduled payments per year.
➕ Can I include extra monthly payments?
Not with the current interaction. Results assume only the scheduled monthly payment and no additional principal payments.
⏱️ Can I calculate an early loan payoff?
Not currently. An early-payoff calculation requires an additional payment amount, payment date, or target payoff period.
🏦 Can I repay a loan early without a penalty?
That depends on the lender and contract. Some loans permit full or partial prepayment, while others may charge a fee or penalty. Review the prepayment section of the agreement.
✅ Is this loan calculator accurate?
The mathematical result is accurate for the entered values under the stated assumptions: a fixed annual interest rate, monthly compounding, and equal monthly payments. A lender’s result may differ because of fees, rounding, payment dates, or contract terms.