Loan Payment Calculator
Calculate the monthly payment for any type of fixed-rate loan.
Enter your numbers and select Calculate to see results.
About This Calculator
This is a general-purpose loan payment calculator that works for any fixed-rate loan — personal, business, boat, RV, or anything else with a standard amortizing structure. Enter the loan amount, interest rate, and term to get your monthly payment and total interest.
How This Is Calculated
M = P [ i(1+i)^n ] / [ (1+i)^n − 1 ]
- M
- — Monthly payment
- P
- — Loan amount
- i
- — Monthly interest rate (annual rate ÷ 12)
- n
- — Loan term in months
A $20,000 loan at 8% for 48 months has a monthly payment of about $488.
Assumptions
- Assumes a fixed interest rate and standard monthly amortization.
- Works for any fixed-rate installment loan type.
Frequently Asked Questions
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Last updated January 15, 2026. Results are estimates for informational purposes only — read our disclaimer.