General Loan Payment Calculator

Work out the payment on almost any fixed-rate loan. Enter the amount you want to borrow, the annual interest rate, the term length and how often you plan to make payments. The calculator estimates your periodic payment, total interest and overall cost of the loan.

This is useful for comparing loan offers, planning a budget and seeing how changing the term or rate affects your monthly cash flow.

Inputs
Total amount you plan to borrow.
%
Nominal yearly rate (APR-style, before fees).
Years
Months
How often you’ll make regular payments.
Display only — math is unit-agnostic.
Controls how payments and totals are shown.
Estimated periodic payment
—

Total of payments

—
Sum of all regular payments.

Total interest

—
Extra paid on top of the loan amount.

Number of payments

—
Count of regular scheduled payments.

Effective term

—
Total length of the loan in years.

Loan cost summary

Enter a loan amount, interest rate, term and payment frequency to see the size of your payment and how much interest you’ll pay over time.

  • Loan amount: —
  • Total of payments: —
  • Interest share of total paid: —

Principal vs interest (total paid)

Principal — 100%
Interest — 0%
Balance over time (amortization)
Remaining loan balance

How this general loan payment calculator works

Many online tools focus on a specific loan type such as mortgages or car loans. This calculator is intentionally generic. It works for most fixed-rate amortizing loans where you make regular level payments until the balance reaches zero.

The underlying math for the payment is:

Payment = P × r / (1 − (1 + r)−n)

P = loan amount (principal)
r = periodic interest rate (annual rate ÷ payments per year)
n = total number of payments (term × payments per year)

If the interest rate is zero, the payment is simply the principal divided by the number of payments. The calculator handles both cases automatically.

Step-by-step example: personal loan

Imagine you’re considering a $20,000 personal loan with a term of 5 years and an interest rate of 7.5% per year, paid monthly.

  • Loan amount (P) = 20,000
  • Annual interest rate = 7.5%
  • Term = 5 years
  • Payment frequency = monthly (12 payments per year)

Plug those numbers into the calculator and it will show a monthly payment around $400 (exact amount depends on rounding). The total of payments is roughly $24,000, meaning about $4,000 of that is interest.

Using the calculator for different loan types

Because this tool is based on the standard level-payment formula, you can use it for many types of borrowing:

  • Auto loans: Enter the financed amount, dealer or bank rate and term.
  • Debt consolidation loans: See how the new payment compares to current bills.
  • Small business or equipment loans: Check affordability before committing.
  • Student loans (fixed-rate portions): Estimate payment after graduation.

As long as the loan uses a fixed interest rate and level payments, this calculator should give a good approximation.

What the chart and donut breakdown show

The balance over time chart shows how your loan is gradually paid down with each payment. Early on, a larger share of each payment goes toward interest. Over time, more goes to principal.

The principal vs interest donut focuses on the total cost. It compares the original loan amount to the total interest paid over the entire term, so you can quickly see what portion of every payment is effectively “renting money” versus actually paying down what you borrowed.

Payment frequency options

You can experiment with different payment schedules to see their impact on cash flow and interest cost.

Frequency Payments per year Typical use
Monthly 12 Most personal, auto and student loans.
Semi-monthly 24 Aligned with twice-per-month payroll.
Bi-weekly 26 Every two weeks — common mortgage strategy.
Weekly 52 Short-term or flexible income situations.
Quarterly 4 Some business and equipment loans.
Yearly 1 Simple short-term private loans.

Practical use cases for this general loan payment calculator

  • Pre-shopping for loans. Decide what payment you’re comfortable with before talking to lenders so you can negotiate from a position of strength.
  • Comparing loan offers. Enter each lender’s rate and term to see which has the lower total cost or more manageable payment.
  • Budget planning. Check how a new loan payment might affect your monthly surplus or savings goals.
  • Shortening the term. See how many extra dollars per payment could shave years off a loan by comparing different term lengths.

Tips for interpreting your result

  • A lower payment often means a longer loan and more total interest, even if the rate is the same.
  • A shorter term usually increases the payment but can save a substantial amount of interest over time.
  • Remember that fees, insurance and taxes may not be included in the payment this calculator produces.
  • If your loan has a variable rate or irregular payments, this tool gives only a rough guideline, not an exact schedule.

Frequently asked questions

Is this the same as a mortgage calculator?

The math behind mortgages and most other amortizing loans is very similar. This calculator doesn’t include property-specific items like taxes and insurance, but it will still give a good estimate of principal and interest for a home loan.

Can I use it for credit cards?

Credit cards are revolving credit with variable balances and often variable interest rates, so this tool is not ideal. It works best when the loan amount, rate and schedule are fixed from the start.

What happens if I make extra payments?

This version assumes you only make the regular scheduled payments. Extra payments typically reduce the term and total interest. For detailed modeling of extra payments, an advanced amortization or “debt payoff” calculator is better.

Does the result count as a legal APR disclosure?

No. This calculator focuses on the mathematical payment based on your inputs. A legal APR disclosure can include certain fees and must follow local regulations. Always refer to your lender’s official documents before signing.