Set the number of payments
Convert the term in years to monthly payments.
Number of payments = loan term × 12See the monthly obligation and lifetime interest together
Loan payment calculator
Estimate the monthly payment, total repayment, and total interest for a fixed-rate amortizing loan.
Equal paymentsFixed rateMonthly repayment
Calculator inputs
Results update as you edit, and the share button copies a link to the current inputs.
300,000
4.5
30
Results
Monthly payment and total interest for a fixed-rate amortizing loan.
Monthly payment$1,520
Total interest$247,220
- Total repaid
- $547,220
- First-month interest
- $1,125
- Interest share of payments
- 45.18%
Assumes equal monthly payments and a fixed rate. Fees, taxes, rate changes, and early repayment are not included.
How the monthly payment is calculated
The annual rate is converted to a monthly rate and applied across the full number of payments.
Convert to a monthly rate
Divide the annual loan rate by 12.
Monthly rate = annual rate ÷ 12Calculate an equal payment
Apply the amortization formula so principal and interest add up to the same payment each month.
Payment = principal × rate × (1 + rate)^months ÷ ((1 + rate)^months - 1)What this calculator assumes
- The interest rate stays fixed for the full term.
- One payment is made every month.
- There is no interest-only period or early repayment.
- Taxes, insurance, and lender fees are excluded.
Borrowing $300,000 at 4.5% for 30 years
A standard fixed-rate, fully amortizing example.
- Monthly payment
- About $1,520
- Total interest
- About $247,220
- Total repaid
- About $547,220
Actual lender schedules can vary with day-count rules, fees, and payment timing.
Frequently asked questions
Understand amortization and how rate changes affect the estimate.
What is an amortizing loan?
Each equal payment includes principal and interest. Interest makes up more of early payments, while principal becomes a larger share later.
Can I use this for an adjustable-rate loan?
The result assumes today's rate remains fixed. Recalculate with the remaining balance and term whenever the rate changes.
Does a 0% rate work?
Yes. At 0%, the principal is divided evenly by the number of monthly payments.