Loan Calculator
Estimate monthly principal-and-interest payments for a fixed-rate amortizing loan.
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How to use this tool
Enter principal, annual interest rate and repayment term in whole months, then calculate.
Important to know
Estimate monthly principal-and-interest payments for a fixed-rate amortizing loan.
This assumes a fixed nominal annual rate divided into monthly periods and payments at month end. It excludes fees, taxes, insurance, changing rates and lender-specific rounding. The final payment is adjusted to clear the remaining balance.
Formula and methodology
Monthly rate r = annual rate ÷ 12; regular payment = principal × r ÷ [1 − (1+r)^−n]. At zero interest, divide principal by n. Monthly interest and payments are rounded to minor units.
Example
A 1,200.00 loan at 0% over 12 months has regular monthly payments of 100.00.
Frequently asked questions
Is this a lender quote or APR comparison?
No. It is a principal-and-interest estimate and does not include fees or the full cost of credit.