The monthly payment on any fixed-term loan

Loan repayment

Calculate the monthly repayment and total interest on a personal, car, or other fixed-term amortizing loan.

Formula

payment = loan × r / (1 − (1+r)^−n), where r is the monthly rate and n is the number of months

Assumptions

• Assumes a standard fixed-rate, fully amortizing loan with equal monthly payments — not applicable to interest-only or balloon-payment loans.
• Excludes processing fees, early-settlement charges, or insurance sometimes bundled into personal and car loans.

Frequently asked questions

What's the difference between this and the mortgage calculator?
Same underlying math — this one is for any general loan (personal, car, education), while the mortgage calculator is tailored to home loans and their typical terms.

Why is the total interest so high on a long-term loan?
Interest compounds on whatever principal remains outstanding, so a longer term means more months of interest accruing, even though the monthly payment itself is lower.