Loan Calculator
Estimate your monthly payment before you sign for a loan.
Monthly payment
386.66
Total paid
23199.36
Total interest
3199.36
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How It Works
Enter the loan amount, annual interest rate, and term in years to see the monthly payment.
M = P × [r(1+r)^n] / [(1+r)^n − 1]
Example
A $20,000 loan at 6% for 5 years costs about $386.66 per month.
Frequently Asked Questions
- Does this include fees?
- No — this estimates principal and interest only. Origination fees and insurance are not included.
- Is the interest rate compounded monthly?
- Yes, the calculation assumes the annual rate is divided into equal monthly compounding periods.
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