💰 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.
📘 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.
What Do You Want to Know About the Loan?
Start with the result that answers your question, then use the other totals to check the tradeoff behind it.
| You want to know | Look at | What it tells you |
|---|---|---|
| The regular payment amount | Monthly payment | The scheduled principal-and-interest payment |
| The financing cost | Total interest | The amount paid above the original principal |
| The total cash repaid | Total repayment | All scheduled payments across the term |
| The effect of a longer term | Payment and total interest | Whether a lower payment creates a higher lifetime cost |
| The effect of a higher rate | Total interest and total repayment | How the borrowing cost changes at the same term |
Principal, Interest, and Total Repayment Are Different Numbers
Principal is the amount borrowed. Interest is the additional financing cost produced by the entered rate and term. Total repayment is principal plus total interest. The monthly payment is only one scheduled portion of that total cost.
For a $20,000.00 loan at 6% for 60 months, the production calculator estimates $386.66 per month, $3,199.36 in total interest, and $23,199.36 in total repayment.
How the Loan Payment Is Calculated
For a positive interest rate, the production calculation uses the fixed-rate amortization formula M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]. P is principal, r is the annual interest rate percentage entered in the tool divided by 100 and then by 12, and n is the number of monthly payments.
Total repayment equals monthly payment multiplied by the number of payments. Total interest equals total repayment minus principal. At 0%, the separate safe branch is payment = principal ÷ number of payments.
A Lower Monthly Payment Can Cost More Overall
With the same $30,000.00 principal and 7% rate, extending the term changes both the payment and lifetime cost.
| Term | Monthly payment | Total interest |
|---|---|---|
| 36 months | $926.31 | $3,347.26 |
| 72 months | $511.47 | $6,825.85 |
Interest Rate Changes More Than the Payment
For the same $25,000.00 principal and 48-month term, the rate changes the monthly payment, total interest, and total repayment.
| Rate | Monthly payment | Total interest | Total repayment |
|---|---|---|---|
| 4% | $564.48 | $2,094.87 | $27,094.87 |
| 9% | $622.13 | $4,862.05 | $29,862.05 |
What Happens at 0% Interest?
A $12,000.00 loan over 24 months produces a $500.00 monthly payment, $0.00 total interest, and $12,000.00 total repayment. The principal is simply divided across 24 scheduled payments.
Loan Term: Payment Size vs Total Interest
A shorter term generally creates a higher monthly payment and less total interest. A longer term generally lowers the monthly payment while increasing total interest in this fixed-rate model. Compare both figures instead of judging a loan by its payment alone.
What This Calculator Does Not Include
- • Origination, application, or closing fees
- • Taxes, insurance, late fees, or optional products
- • Extra payments, prepayment penalties, or refinancing
- • Variable rates, interest-only periods, or balloon payments
- • Lender-specific APR calculations or compounding rules
- • A full amortization schedule or remaining-balance projection
The entered interest rate drives this estimate. APR may include additional lender costs, so this tool does not present its output as an APR calculation.
When This Loan Calculator Is Useful
- • Estimating a simple fixed-rate installment-loan payment
- • Comparing the same principal at different terms
- • Comparing the same principal and term at different rates
- • Estimating total interest before discussing a loan offer
- • Checking whether a quoted payment matches the basic math
It is not a substitute for a mortgage model with housing costs, an auto-finance model with trade-ins and dealer charges, or a revolving credit calculation.
🌎 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
📚 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 is the monthly loan payment calculated?
For a positive interest rate, the calculator uses the standard fixed-rate amortization formula with the entered principal, the annual rate divided by 12, and the number of monthly payments. At 0%, it divides principal by the number of payments.
What is the difference between principal, interest, and total repayment?
Principal is the amount borrowed. Total interest is the financing cost produced by the entered rate and term. Total repayment is principal plus total interest across all scheduled monthly payments.
How does a longer term affect the payment and total interest?
Within this fixed-rate model, more monthly payments generally reduce the payment amount but increase total interest because the balance is repaid over a longer period.
What happens when the interest rate is 0%?
The monthly payment equals principal divided by the number of payments, total interest is zero, and total repayment equals the original principal.
Does this calculator include lender fees or closing costs?
No. It calculates scheduled principal and interest only. Origination fees, application fees, closing costs, insurance, taxes, and other charges are excluded unless you have already included them in the entered loan amount.
Does this calculator calculate APR?
No. The percentage entered is used directly as the annual interest rate. APR can incorporate certain lender fees and costs, so it may differ from the rate used here.
Can it model variable-rate, interest-only, or balloon loans?
No. Results assume one fixed annual rate, full amortization, and equal monthly payments for the entire entered term.
Why might a lender's payment differ from this estimate?
A lender may apply contract-specific compounding, payment dates, rounding, fees, insurance, taxes, or other terms that this simplified principal-and-interest model does not include.