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Loan Calculator
Calculate the monthly payment from a loan amount, annual rate, and term.
Overview
Calculates the monthly payment from a loan amount, annual rate, and term.
Uses the "equal payment" method, where the monthly payment stays constant — the most common method for mortgages, auto loans, and education loans.
In addition to the monthly payment, it also shows the total payment and total interest over the life of the loan.
Usage
- 1
Enter values into "Loan amount", "Annual rate (%)", and "Term (years)".
- 2
Click "Calculate" to see the monthly payment, total payment, and total interest.
Example
Input
Loan amount 3,000,000, annual rate 3%, term 10 years
Output
Monthly payment: 28,968, total interest: 476,187
Use Cases
Checking a rough estimate of the monthly payment before taking out a mortgage or auto loan
Comparing different rate and term conditions to see the difference in total interest
Estimating how much total interest could be saved by shortening the term with an early repayment
FAQ
What is the equal payment method?
A method where the monthly payment (principal + interest) stays the same throughout the loan term. Early payments consist mostly of interest, with the principal portion increasing over time. This is the most widely used method for mortgages.
How is this different from the equal principal method?
The equal principal method keeps the principal portion constant each month, so the payment starts high and gradually decreases. This tool only supports the more common equal payment method (constant monthly payment).
Are fees or guarantee charges included in the calculation?
No. This is a theoretical calculation based only on the loan amount, annual rate, and term; it does not account for administrative fees, guarantee charges, credit life insurance premiums, or other costs. Check your lender's actual terms for the real payment amount.
Notes
Results are approximations rounded to the nearest whole number. Actual payments may differ depending on each lender's rounding rules and options such as bonus payments.
The interest rate is treated as fixed for the whole term. Rate revisions on variable-rate loans and early repayments are not reflected.
Enter a loan amount and term greater than 0 and an annual rate of 0 or more. The term is entered in years. At an annual rate of 0%, the payment is the loan amount divided by the number of months.
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