How to use this loan payment calculator
Enter the requested values above and select Calculate. The result updates immediately on the page, so you can change one value and compare different scenarios without leaving the calculator.
Formula and method
Example
A $25,000 five-year loan at 8.5% can be compared by monthly payment, total paid and total interest.
What this calculator is useful for
Calculate the payment and total interest for a standard installment loan with equal monthly payments. It is designed for quick estimates and everyday problem solving. When a calculation affects a contract, tax filing, medical decision or other high-stakes situation, verify the result with the appropriate professional or authoritative source.
Frequently asked questions
What does the Loan Payment Calculator calculate?
Calculate the payment and total interest for a standard installment loan with equal monthly payments.
How does the calculation work?
Payment = P × r(1+r)^n ÷ ((1+r)^n − 1).
Is this calculator free?
Yes. ERICH Calculators is free to use and no account is required.