How to use this calculator
This loan calculator estimates the monthly payment for a fixed-rate installment loan. It can be used for personal loans, student loan planning, home improvement loans, and other loans with a set term. Enter the loan amount, annual interest rate, and term to see the monthly payment, total interest, and full repayment amount.
Example estimates
A $15,000 loan at 9.5% APR for 48 months has an estimated payment near $377 per month.
Shorter terms usually increase the monthly payment but reduce total interest paid over the life of the loan.
Frequently asked questions
What is an installment loan?
An installment loan is repaid with scheduled payments over a fixed period. Common examples include personal loans, auto loans, and many student loans.
Does this include loan fees?
No. It estimates principal and interest only unless the fee is included in the amount borrowed.