This loan calculator shows the monthly payment on a fixed-rate loan, right in your browser. Enter the amount, the annual interest rate and the term in years, and it returns the monthly payment, the number of payments, the total interest and the total you pay back. Nothing is sent to a server, and it spends no credits.
How to calculate a monthly loan payment
A fixed-rate loan repaid monthly uses the standard amortization formula: the monthly rate is the annual rate divided by 12, and the payment is set so that the same amount every month clears the balance by the last payment. You don’t need to work through the formula. Borrow $25,000 at 7.5% for 5 years and the loan calculator gives a monthly payment of $500.95 over 60 payments, with about $5,057 in total interest and about $30,057 paid in all.
How does the term change the cost?
Shorten the same loan to 3 years and the payment rises to $777.66 over 36 payments, while the total interest drops to about $2,996. A longer term lowers each payment and raises the total interest; a shorter one does the opposite. Trying a few terms side by side is the quickest way to see that trade-off for your own numbers.
What about a mortgage?
The math is the same for any fixed-rate loan with monthly payments. $300,000 at 6.5% over 30 years comes to $1,896.20 a month across 360 payments, and about $382,633 in interest. A real mortgage payment usually also includes property tax, insurance and sometimes other fees, which this tool leaves out.
What the loan calculator doesn’t include
- Origination fees, closing costs and other charges.
- Insurance and taxes.
- Variable rates, extra payments or interest-only periods.
- A month-by-month amortization schedule.
Treat the result as the core payment for comparing options. Your lender’s offer is the number that counts, and choosing a loan is a decision for you and, if you want one, a qualified adviser.
FAQ
What if the interest rate is 0%?
The payment is the amount divided by the number of payments: $10,000 over 2 years is $416.67 a month, with no interest.
Is anything I enter sent to a server?
No. The loan calculator runs entirely in your browser.
What does it cost?
It comes with the Nexin library: Nexin Lite or Nexin Pro opens it, and it spends no credits.
