Loan Payment Calculator
Estimate your regular loan payment, total repayment and total interest based on the loan amount, interest rate and term.
Overview
This loan payment calculator helps you estimate your regular repayments based on the amount borrowed, annual interest rate, repayment term and payment frequency. It can also show the total amount repaid and the total interest paid over the life of the loan.
How it works
The calculator uses the standard amortizing loan formula. First, it converts the annual interest rate into a rate for each payment period based on your selected payment frequency. It then calculates the number of payments over the term and works out the equal payment needed to repay both principal and interest by the end of the loan. Total repayment is the payment amount multiplied by the number of payments, and total interest is the difference between total repayment and the original loan amount.
How to use this calculator
- 1Enter the loan amount you want to borrow.
- 2Add the annual interest rate for the loan.
- 3Enter the repayment term in years.
- 4Choose how often you will make payments.
- 5Review the estimated regular payment, total repayment and total interest.
Example Calculation
Loan Amount
$25,000
Annual Interest Rate
8%
Loan Term
5
Payment Frequency
12
Regular Payment
$500.95
For a $25,000 loan at 7.5% over 5 years with monthly payments, the estimated regular payment is about $500.95, the total repayment is about $30,057.00, and the total interest is about $5,057.00.
Frequently asked questions
What does this loan payment calculator estimate?
It estimates your regular repayment amount, total repayment over the loan term, total interest paid and the number of payments.
Does this calculator work for monthly, biweekly and weekly payments?
Yes. You can choose a payment frequency and the calculator adjusts the rate per period and number of payments.
Does the result include loan fees or charges?
No. This calculator focuses on principal and interest only unless fees are built into the loan amount separately.
Why might my lender's repayment amount be different?
Lenders may use different compounding methods, add fees, round differently or structure repayments in a specific way.
Can I use this for personal loans, car loans or other installment loans?
Yes. It is suitable for many fixed-term loans with regular equal repayments and a fixed interest rate.
What happens if I make extra payments?
Extra payments can reduce the balance faster and may lower total interest, but this calculator does not model overpayments.
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Assumptions and warnings
Assumptions
- The loan is repaid in equal installments over the full term.
- The interest rate stays the same for the entire loan term.
- The calculation does not include fees, insurance, penalties or extra repayments.
- Results are estimates and may differ from a lender's actual repayment schedule.
Warnings
- This calculator provides an estimate only and is not financial advice.
- Check your loan agreement for fees, charges and the exact repayment method before borrowing.