Loan Payment

Estimate a fixed-rate installment loan.

Your numbers

Enter your numbers to see the result.

How Loan Payment works

Fixed payment = principal × monthly rate ÷ (1 − (1 + monthly rate) raised to minus the number of months). With zero APR, payment is principal divided by months.

A worked example

These sample values illustrate the calculation. Use your own numbers in the calculator for your result.

Example inputs

Loan amount: 15000
APR (%): 6
Term in months: 60

Monthly payment: $289.99
Total interest: $2,399.52
Total paid: $17,399.52

Assumptions and limits

Rates, fees and contribution schedules are the assumptions you enter. This estimate does not include changes you have not entered.

Educational estimate only. This is not personalized financial, investment or tax advice.

What happens at zero APR?

The payment is the loan principal divided by the number of monthly payments. The term must still be greater than zero.