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Loan Payment Calculator
Estimate periodic loan payments, total interest and total repayment from your amount borrowed, annual interest rate, term and payment frequency.
Use this calculator to estimate loan payments, total interest and total repayment using the amount borrowed, annual interest rate, loan term and payment frequency.
This is a planning calculator. Actual lender payments may differ because of fees, compounding conventions, insurance, taxes or lender-specific terms.
The periodic interest rate is the nominal annual rate divided by 12, 26 or 52 payments per year. Fractional payment counts round up to a whole scheduled payment and that count is used in the formula. No effective annual rate, Canadian mortgage semi-annual compounding, fees, taxes or insurance are modeled.
Calculations run locally in your browser. Your financial inputs are not saved.
Enter your loan assumptions.
Example: Five-Year Loan
Static example: borrowing $25,000 at 7% over 5 years with monthly payments gives a periodic rate of 7% รท 12, or approximately 0.583333% per month, and 60 payments. The payment is approximately $495.03, total repayment approximately $29,701.80, and total interest approximately $4,701.80. Calculations use the unrounded payment; displayed amounts are rounded to cents.
About this calculator
Understanding Loan Payment Estimates
Loan payments are determined by the amount borrowed, interest rate, repayment term and payment frequency.
- A longer repayment term typically lowers the periodic payment while increasing the amount of interest paid over the life of the loan.
- Extra principal payments can reduce both repayment time and total interest when the loan permits them.
- This calculator uses a simplified nominal annual interest rate divided by payment frequency. Actual lender calculations may use different compounding conventions or include additional charges.
- Rate and term comparisons keep the loan amount and frequency unchanged. Extra-payment modeling is available in Loan Payment mode.
Example: Zero-Interest Loan
Static example: a $12,000 loan at 0% for 2 years with monthly payments has 24 payments of $500, $0 interest and $12,000 total repayment.
This calculator provides general planning estimates only and is not financial, lending, tax or legal advice. Actual loan terms and payments should be confirmed with the applicable lender.