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Fixed-rate loan payment

Loan Calculator

Monthly payment, total interest, and payoff time for a fixed-rate loan. Add extra principal if you want to see how much sooner it ends.

Your numbers

Monthly loan payment

A fixed-rate amortizing loan. Extra principal is optional.
$
%Nominal annual rate, not APR
years
$Optional

Estimated monthly payment

$405.53Principal and interest
Total interest$4,33260 payments
Total repayment$24,332$20,000 principal
First payment interest$133.33$272.19 to principal
How we got this
  1. Monthly payment60-month fixed at 8%$405.53
  2. Total interestScheduled principal and interest only$4,331.67
  3. Total repayment$20,000.00 principal + interest$24,331.67
What we assumed
  • This is a fixed-rate amortizing loan. It is not a lender quote, APR, or an offer to lend.
  • The rate is a nominal annual interest rate, not APR. Origination fees and prepaid finance charges are left out.
  • Payments are monthly. Interest is compounded monthly.
  • No extra principal payments are included.
  • Taxes, insurance, and fees are not included.
Technical details

Method loan-v1.0.0Data Manual inputs / fixed rules

Guide

Fixed-rate loan payments, interest, and extra principal

CostAnswer editorialIndependent calculator publisher

This is a general amortizing loan: personal loans, student loans you treat as fixed, or any installment loan with a stated rate and term. Car-specific fees belong on the car-loan page. Mortgages belong on the mortgage page if you need escrow lines.

Extra principal

An extra monthly amount is applied to principal after the regular payment. The page reprints payoff time and total interest. It assumes the lender allows prepayment without a penalty.

Questions about this calculator

Can I use this for a student loan payment?

If the loan is a fixed-rate installment loan and you know the rate and term, the payment math matches. Income-driven federal plans, IDR forgiveness, and variable rates are not this formula.

How is this different from the car-loan calculator?

Car loan adds vehicle-price, tax, title, and down-payment structure. This page starts from an amount financed you already know.

Terms used here

Amount financed
The principal that is amortized. Not the sticker price if taxes and down payment are involved.
APR vs. rate
This page uses the rate you type. APR can include fees this formula never sees.

Practical tips

  • If a lender quotes APR and a fee, the payment on this page may not match the contract payment.
  • Use extra principal only if the loan has no prepayment penalty you care about.

Limits and caveats

  • Not a credit decision and not financial advice.

Results are for information. They are not legal, tax, medical, or financial advice. How the math is maintained · Report a wrong figure.

Engine notes

Rounding, versioning, and omissions that sit beside the guide rather than repeating it.

  • Fixed monthly payment. The payment uses the standard amortizing formula. A 0% rate splits the balance evenly across the months.
  • Interest and payoff. Total interest is what you pay above the original principal. Extra principal, if you enter it, is added every month until the remaining balance is gone.
  • What is left out. Origination fees, points, insurance, and taxes are not included. APR needs those extras, so this screen does not report APR.

Calculation receipt

What each number here is

This answer is arithmetic on what you enter. No outside dataset is involved, so nothing here can go out of date.

An instalment payment is a closed-form function of principal, rate and term.

Sources

Where this data comes from

Consumer Financial Protection BureauHow amortizing payments split principal and interest over the term.Official guidance ↗

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