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Finance calculator

Loan Payment Calculator

Calculate an estimated payment, interest, and payoff schedule for a fixed-rate installment loan with equal monthly payments.

01
Start with the basics

Your loan details

Enter the annual interest rate used for scheduled payments—not APR. Values stay in your browser.

Estimated monthly payment$396.02

Principal and interest

Total interest
$3,761.44
Payoff
60 months
Amount financed
$20,000.00
Total of payments
$23,761.44
Monthly payment breakdown

Every payment through payoff, split between principal and interest.

Months 1–12 of 60
MonthPaymentPrincipalInterestBalance
1$396.02$279.36$116.67$19,720.64
2$396.02$280.99$115.04$19,439.66
3$396.02$282.63$113.40$19,157.03
4$396.02$284.27$111.75$18,872.76
5$396.02$285.93$110.09$18,586.82
6$396.02$287.60$108.42$18,299.22
7$396.02$289.28$106.75$18,009.94
8$396.02$290.97$105.06$17,718.98
9$396.02$292.66$103.36$17,426.31
10$396.02$294.37$101.65$17,131.94
11$396.02$296.09$99.94$16,835.86
12$396.02$297.81$98.21$16,538.04

Formula used

M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1], where P is principal, r is the monthly interest rate, and n is the number of monthly payments.

Worked example

A $20,000 loan at 7% annual interest for five years has an estimated monthly payment of about $396.02, before fees or optional products.

How to understand the result

The monthly payment repays both principal and interest. Compare the payment with total interest, total payments, entered fees, and the amortization schedule instead of judging a loan by its monthly payment alone.

Assumptions and limits

  • Fixed interest rate—not APR
  • Fully amortizing loan with equal monthly payments
  • No late payments or prepayment penalties
  • Fees are excluded unless entered
  • Daily-simple-interest, balloon, deferred-payment, and revolving credit products can calculate differently

Frequently asked questions

Does this calculator include loan fees?

Yes. Open Advanced options to enter fixed lender fees and choose whether to add them to the loan balance or pay them upfront.

Why can a lender quote a different payment?

A lender may use a different rate, payment date, fee treatment, insurance product, or rounding method.

Should I enter the interest rate or APR?

Enter the annual interest rate used to calculate scheduled payments. APR is a broader cost measure that can include certain fees and is not automatically the rate used in the payment formula.

What does total of payments mean?

It is the sum of modeled monthly loan payments through payoff. Any lender fees paid upfront appear separately and are added only in the total-cash-paid figure.

Related guides

Browse every Kalcue guide.

Sources and review

Formula and explanatory content reviewed August 31, 2026. See the Kalcue methodology and editorial policy.