Loan repayment calculator.
Estimate monthly payments, total repayment and interest on a fixed-rate loan.
UNDERSTAND THE ESTIMATE
How to use this calculator
Enter the amount borrowed, nominal annual interest rate and number of monthly payments. Read the monthly principal-and-interest payment alongside total repayment and total interest.
The calculation
Payment = P × i / (1 − (1 + i)^(-m)), where P is principal, i is the nominal annual rate divided by 1,200, and m is the number of months. At zero interest, payment = P / m. The model assumes equal payments at the end of each month.
Uses constant rates and regular monthly cash flows. Taxes, fees, inflation and changing rates are excluded. Estimates are not financial advice.
CFPB guide to comparing loan offers ↗ILLUSTRATIVE EXAMPLE
Follow the numbers
Borrow 1,200 at 0% interest for 12 months. The monthly payment is 100, total repayment is 1,200 and interest is zero. These amounts use any one display currency.
Is this the full amount a lender will charge?
No. Fees, taxes, insurance and changing rates are excluded. This uses the interest rate rather than an APR that includes charges. Actual lender rounding and payment schedules may differ.