Loan Payment Calculator

Estimate the monthly payment, total interest and total cost of a loan or mortgage.

Reviewed by the WorldCalcs team · Methodology · Last reviewed: June 2026

Loan amountAnnual interest rate (%)Loan term (years)

Monthly payment

1 342.05

Total interest

233 139.46

Total cost

483 139.46

Works for any currency — results are in whatever currency you enter.

What is a loan payment calculator?

A loan payment calculator works out the fixed monthly payment on an amortizing loan — a loan you repay in equal instalments over a set term — along with the total interest and the total cost. It works for personal loans, student loans and most fixed-rate instalment loans.

How the monthly payment is calculated

Monthly payment = P × i × (1 + i)^n ÷ ((1 + i)^n − 1), where P is the loan amount, i is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments (years × 12). For a 0% loan the payment is simply P ÷ n. Total interest = (payment × n) − P.

Example

A 200 000 loan at 5% annual interest over 30 years (360 payments) has a monthly payment of about 1 073.64. Over the full term you repay 386 511.57, of which 186 511.57 is interest.

All calculations happen in your browser. Nothing is sent, stored, or tracked.

Results are estimates and may contain errors — for general information only, not professional advice. Always verify before relying on them. Disclaimer

How to use

Enter the loan amount, annual interest rate and the term in years. The results update instantly as you type.

Monthly payment is what you'd pay each month. Total interest is the extra you pay over the life of the loan, and total cost is principal + interest combined.

Results are estimates for principal and interest only — they don't include taxes, insurance, fees or PMI.

Frequently asked questions

How is the monthly loan payment calculated?+

It uses the standard amortization formula above, so the same amount is paid every month until the balance reaches zero.

Does a longer loan term lower the payment?+

Yes — spreading the loan over more months lowers each payment, but you pay more total interest.

What is amortization?+

Each payment is split between interest and principal. Early on most of it is interest; over time more goes to principal.

Does this include fees or insurance?+

No — it shows principal and interest only. Origination fees and insurance vary by lender.

How can I pay less interest overall?+

Choose a shorter term, secure a lower rate, or make extra principal payments.

Does it work for any currency?+

Yes — figures are in whatever currency you enter.