Loan Calculator
Estimate your monthly payment for personal or auto loans.
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Result
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The formula
Standard amortizing loan payment formula.
M = P × [r(1+r)^n] / [(1+r)^n − 1]
Worked example
- P = $20,000, r = 6%/12, n = 60
- Monthly payment ≈ $386.66
Result: Payment: $386.66/mo
Interesting facts
Amortization
Early payments are mostly interest; later payments pay down more principal.
Frequently asked questions
Principal, interest rate, and loan term length.