Simple Loan Payment Calculator

How the Calculator Works

This simple loan calculator can help you see how different interest rates, loan terms and loan amounts can impact a monthly payment.

To get started, enter the amount you intend to take out as a loan. For example, if you plan to spend $14,000 on a car purchase and apply a $4,000 down payment, you’ll take out a $10,000 auto loan.

Then, you can plug in how many months you want the loan to last (the term) and apply an interest rate.

Now, you can adjust your settings to see how different loan terms or loan amounts could impact your monthly payment. 

Definitions

• Loan Amount: The total amount of money borrowed.
• Loan Term: The amount of time the borrower has to pay off the amount of money borrowed. In general, the shorter the loan term on a fixed-rate installment loan, the greater the monthly payment and the lower the amount paid in interest over the life of the loan.
• Interest Rate: The rate at which interest will accrue on the loan balance.
• Estimated Monthly Payment: The estimated monthly payment only reflects principal and interest payments. The amount may not take into account other costs, including those that may be rolled into a loan (e.g., taxes, title and registration fees; GAP fees; closing costs) or those costs typically included in escrow payments associated with real estate loans (e.g., taxes, flood insurance, and hazard insurance).