Loan Payment Calculator
Calculate your monthly loan payments based on amount, interest rate, and term.
Total loan amount
Annual APR
Duration of loan
Monthly Payment
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Total Payments
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Total Interest
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Total Cost
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Find the Right Business Loan
- Compare 75+ lenders
- Rates as low as 5.49%
- Funding in 24-48 hours
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How to Use This Calculator
- Enter Loan Amount: Total amount you want to borrow.
- Enter Interest Rate: Annual interest rate (APR).
- Enter Loan Term: Duration in years or months.
- Review Results: See your monthly payment and total interest.
Frequently Asked Questions
Monthly payments use the amortization formula: M = P Ć [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly interest rate, and n is total payments. This gives you equal payments over the loan term.
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes interest plus fees and closing costs, giving you the true annual cost. Use APR when comparing loans.
15-year: Higher payments but ~50% less total interest. Builds equity faster. 30-year: Lower payments but more total interest. Better cash flow. Choose based on your budget and long-term goals.
Most loans allow early repayment without penalty, but check your terms. Making extra payments or bi-weekly payments can save significant interest. Use our calculator to see how extra payments affect your total cost.
Find the Right Business Loan
- Compare 75+ lenders
- Rates as low as 5.49%
- Funding in 24-48 hours
Advertisement. This is an affiliate link. We may earn a commission if you sign up.
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