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Free Loan Payment Calculator - Use Online Without Installing
WebEstimate monthly loan payments and total interest
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How to use this tool
- Enter principal in U.S. dollars, annual rate, and months.
- Choose fixed monthly payment or equal principal.
- Compare the first payment, final payment, and total interest.
Real-world uses
- Compare 36- and 60-month repayment terms.
- See whether lower overall interest justifies higher early payments.
What to check
- Assumes a fixed annual rate divided into monthly periods.
- Excludes fees, mortgage insurance, property tax, and rate changes.
Common problems and fixes
- My lender quote differs
- Check compounding, first due date, rounding, fees, and whether the loan has a variable rate.
File and input privacy
Principal and rate inputs are calculated in the browser and are not stored on ToolMarket servers.
Calculation basis and sources
Fixed-rate monthly principal-and-interest formula ยท Reviewed 2026-09-14
Questions about this tool
Does monthly payment include taxes and insurance?
No. It estimates principal and interest only.
Practical guides
- Compare Fixed Payments and Equal Principal โ
Read monthly payment and total interest estimates without overlooking lender costs.
- How to Read a Take-Home Pay Estimate โ
Understand dollar inputs, 2026 federal assumptions, and what a paycheck model leaves out.