Loan Payment Calculator
This loan calculator estimates your fixed monthly payment - just enter the loan amount, annual interest rate, and term.
Last updated: August 30, 2026
Frequently asked questions
How is a loan payment calculated?
Fixed-rate loans use an amortization formula based on the principal, the periodic interest rate, and the number of payments, so each payment is the same size but the interest/principal split changes over time.
Does this include taxes and insurance?
No - this is principal and interest only. Mortgages in particular often bundle property tax and insurance into the monthly payment (PITI), so your actual bill from a lender may be higher than the number shown here.
Does paying extra each month reduce the total interest?
Yes - any payment above the required amount goes straight to principal, which shortens the loan and cuts total interest paid, since interest is calculated on the remaining balance each period.
How does the loan term affect the total interest paid?
A longer term lowers your monthly payment but increases total interest paid, since you're borrowing the same amount for more periods; a shorter term raises the payment but cuts total interest - the trade-off depends on what monthly amount you can comfortably afford.
Is this the same as a lending calculator, loan simulator, or autoloan calculator?
"Lending calculator" and "loan simulator" are just other names for a loan payment calculator, and this tool covers both - enter a principal, rate, and term for any fixed-rate loan. If you're specifically financing a vehicle, the auto loan calculator is a better fit since it also handles trade-in value and sales tax.