Loan Calculator
Monthly payment = P × r(1+r)^n ÷ ((1+r)^n − 1)P=10000, r=0.05/12, n=60 → monthly payment ≈ $188.71
Free online tool
Loan Calculator
Enter your loan amount, interest rate and term to see your monthly payment and total cost.
Instant calculation
Calculate Loan Payment
Enter loan details to find your monthly payment.
Your result
Calculation
Your numbers stay in this browser. Nothing is uploaded or saved.
Three clear steps
How to use this calculator
- 01
Enter loan amount
Type the principal amount you plan to borrow.
- 02
Enter rate and term
Provide the annual interest rate and loan term in years.
- 03
See your payment
Calculate to see the monthly payment, total interest and total repayment.
The formula
How this calculation works
Standard amortization formula where P is principal, r is the monthly interest rate (annual rate ÷ 12) and n is the total number of payments (term × 12).
Check the method
Worked examples
Each example follows the same formula used by the calculator.
What is the monthly payment on a $10,000 loan at 5% for 5 years?
P=10000, r=0.05/12, n=60 → monthly payment ≈ $188.71≈ $188.71 per monthCommon questions
Questions about this calculation
What is the Loan Calculator?
The Loan Calculator helps you calculate monthly loan payments, total interest and total repayment for any loan. Enter your values and select Calculate to get an instant result.
How is the result calculated?
Standard amortization formula where P is principal, r is the monthly interest rate (annual rate ÷ 12) and n is the total number of payments (term × 12).
Can you show an example?
Example: What is the monthly payment on a $10,000 loan at 5% for 5 years? — ≈ $188.71 per month.
Is my data saved when I use the Loan Calculator?
No. All calculations run locally in your browser. Your inputs and results are never uploaded, stored or shared with anyone.
Is the Loan Calculator free to use?
Yes. The Loan Calculator is completely free. No account, sign-up or payment is required. It works on mobile, tablet and desktop.
Continue calculating