Loan Calculator – Monthly Loan Payment and Interest
A loan calculator finds your monthly payment for any fixed-rate loan—personal, auto, or other. Enter the amount you're borrowing, the annual interest rate, and the term in years. This article explains the formula and links to our loan and auto loan calculators.
Quick Answer
| Label | Value |
|---|---|
| Principal | $20,000 |
| Annual rate | 5% |
| Term | 5 years |
| Monthly payment | $377.42 |
How It Works
Monthly payment uses the same amortization formula as a mortgage: M = P × [r(1+r)^n] / [(1+r)^n − 1]. The rate is converted to monthly (annual ÷ 12) and the term to months (years × 12). Use our Loan Calculator or Auto Loan Calculator for your numbers.
Additional Notes
For auto loans, enter the amount you're financing (after down payment). Our Auto Loan Calculator is set up for car loans.
Use Our Calculator
Try our Loan Calculator for your own numbers: /calculators/loan-calculator
Related Calculators
Standard amortization: payment = P × [r(1+r)^n] / [(1+r)^n − 1], with monthly rate and term in months.
Yes. Use our Auto Loan Calculator and enter the amount you're financing.
No. The result is principal and interest only. Add fees separately if applicable.