CalcKit

Loan Payment Calculator

Find the monthly payment for a fixed-rate installment loan.

Enter your values

Principal borrowed, excluding upfront fees.

Nominal annual rate, without lender fees.

Whole years of monthly payments.

Result

Monthly payment$495.03
Yearly payment budget
$5,940.36
Loan amount
$25,000.00
Payments
60

Use this monthly amount to budget a fixed-rate installment loan. The annual budget is twelve monthly payments; fees and insurance are additional.

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For general information and mathematical estimates. Results are not financial, investment or tax advice.

Formula

Payment = Principal × monthly rate ÷ [1 − (1 + monthly rate)^(-months)]. Zero-rate payment = Principal ÷ months.

Worked example

A $25,000 loan at 7% over 5 years.

The monthly payment is $495.03, or about $5,940.36 per year.

How to use

  1. Enter the amount borrowed.
  2. Enter the fixed annual rate and loan term.
  3. Calculate the monthly and annual payment budget; use Loan for total interest.

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Frequently asked questions

How does a longer term affect payments?

A longer term usually lowers the monthly payment but increases total interest when the principal and positive rate stay the same.

Why does the bank quote differ?

Fees, first-payment timing, interest accrual conventions, insurance and rounding can all change the payment. This tool assumes equal monthly principal-and-interest payments.