Loan Calculator
Monthly payment from a loan amount, interest rate, and term
Enter the loan amount (principal), the annual interest rate as a percentage, and the term in years. The monthly rate is rate ÷ 100 ÷ 12 and the number of payments is years × 12. The fixed monthly payment is P × r × (1 + r)n ÷ ((1 + r)n − 1), and for an interest-free loan (rate 0) it is simply amount ÷ payments. The total paid is the monthly payment times the number of payments, and the total interest is the total paid minus the original amount. All three update live as you type, rounded to two decimal places as bare numbers.
An inline error appears instead of a result when the amount or term is empty, non-numeric, zero, or negative, or when the rate is non-numeric or negative (a rate of 0 is valid). This is the simple amortized-payment formula only — a full amortization schedule, extra, early, or biweekly payments, adjustable compounding frequency, currency symbols or conversion, and taxes, insurance, PMI, or escrow are out of scope.