General Loan Calculator
Calculate any loan payment by amount, rate, term, and payment frequency (monthly, bi-weekly, weekly).
Before you calculate
Use a nominal annual interest rate for monthly amortization. Entered interest is not a fee-inclusive APR; lender rounding may differ.
Loan Payment Formula
Every fixed-rate loan uses the standard amortization formula. The payment is constant; early payments are mostly interest while later payments are mostly principal.
PMT = P × r(1+r)^n / ((1+r)^n - 1)Example Scenarios
Scenario 1: Effect of Loan Term
A $20,000 loan at 7% APR: a 36-month term costs $618/mo with $2,242 in interest. A 60-month term drops payments to $396/mo but raises total interest to $3,761.
Scenario 2: Effect of Interest Rate
On a $20,000 48-month loan, a 5% rate means $461/mo and $2,148 in interest. At 10%, payments jump to $507/mo and total interest rises to $4,335.
Methodology & Assumptions
Uses the standard amortization formula. Each payment is split between interest (monthly rate × remaining balance) and principal reduction.
Sources & calculation notes
Maintained by MoneyCalc. Results are estimates based on the inputs and assumptions shown, not personalized financial advice or a lender quote. Default rates are examples unless a specific tax year or official table is identified.
References explain the underlying concepts or rules. They do not endorse or independently certify this implementation.
Calculations run in your browser. Some tools retain settings on this device. Displayed rounding can produce small differences from a statement or contract.