Loan Payment Calculator – Free, with Steps

Loan calculator: monthly payment, loan amount, term or interest rate of a fixed-rate personal, auto or student loan, plus total interest.

How to use this calculator

Choose the quantity you want under “Solve for”.
Type the known values and pick their units: any combination works.
The result updates as you type. Open “Show the steps” to see the substitution.

This calculator solves the standard amortizing-loan formula in any direction: find the monthly payment, how much you can borrow for a payment you can afford, how many years it takes, or the interest rate a lender is actually charging.

It works for personal loans, auto loans and student loans with a fixed rate and equal monthly payments.

Results are estimates for information only and do not constitute financial advice. Your lender’s or bank’s figures may differ.

Formula

M = P · r1 − (1 + r)⁻ⁿ

Symbol	Quantity	Units
P	Loan amount	$, €, £
i	Annual interest rate	%, ×
t	Term	years, months
M	Monthly payment	$, €, £

Constants used: r = annual rate / 12 · n = months

Worked example

Given: P = 20,000.00 $ · i = 7 % · t = 5 years

M = Pr1 − (1 + r)⁻ⁿ

Result: M = 396.02 $

Monthly payment for different values of Loan amount

P · Loan amount	M · Monthly payment
10,000.00 $	198.01 $
15,000.00 $	297.02 $
18,000.00 $	356.42 $
20,000.00 $	396.02 $
22,000.00 $	435.63 $
25,000.00 $	495.03 $
30,000.00 $	594.04 $
40,000.00 $	792.05 $

Other values as in the worked example.

Frequently asked questions

What is the payment on a $20,000 loan at 7 % for 5 years?

$396.02 a month, for a total of $23,761 including $3,761 of interest.

How do I find the interest rate from the payment?

Select the rate under “Solve for” and enter the loan amount, term and payment. The rate is found numerically.

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Last updated: November 8, 2026 · Report an error