Decision tools built for clarity
Loan Calculator
Estimate fixed loan payments and repayment totals.
Enter the principal, annual interest rate, term, payment frequency, and currency.
This educational loan estimate is not financial advice, a lender quote, or an approval or repayment guarantee.
Methodology
Formula or transformation
Uses a fixed-payment amortization relationship at the selected payment frequency.
Variables
- Starting principal
- Annual interest rate as a percentage
- Term in years
- Number of payments per year
Units
- Currency
- Percent
- Years
- Payments per year
Rounding policy
Payment and repayment money values are rounded to the declared currency scale using half away from zero.
The calculator amortizes a fixed-rate loan into equal periodic payments, separating principal and interest over the selected term.
Estimate fixed loan payments and repayment totals.
Reviewed sources
- California State Board of Equalization — Periodic repayment and loan payment calculations Reviewed on 2026-09-08
Formula review history
-
Initial formula and source review.
Reviewed 2026-09-04 for formula version fixed-payment-amortization-v1
Assumptions
- The interest rate and payment frequency remain fixed for the full term.
- Payments occur on schedule with no missed, late, or extra payments.
Limitations
- Origination fees, insurance, taxes, penalties, and other lender charges are excluded.
- Variable rates, refinancing, and irregular payment schedules can produce different costs.
Worked example
A 10,000 loan at 6% for 5 years with monthly payments is about 193.33 per month before fees, for roughly 11,600 repaid.
Frequently asked questions
Are lender fees included?
No. Add lender fees and other charges separately when comparing offers.
Does a shorter term reduce interest?
Usually, but it also raises each scheduled payment when the principal and rate stay the same.