Loan Monthly Payment Calculator
Calculate monthly payments for any loan type. See detailed payment breakdowns, total interest, and payment schedules for mortgages, auto loans, and personal loans.
Comprehensive Payment Analysis
Everything you need to understand your monthly loan payments
Monthly Payment
Calculate exact monthly payment amounts including principal and interest. See how different loan terms affect your monthly payment.
Payment Breakdown
See how each payment splits between principal and interest. Understand how your payments reduce the loan balance over time.
Total Cost Analysis
Calculate total interest paid over the loan term. Compare different scenarios to find the most cost-effective loan option.
How Monthly Payments Are Calculated
Understand the formula behind your monthly loan payments
Loan Amount
Enter the principal amount you're borrowing. This is the base amount that will be repaid over the loan term plus interest.
Interest Rate & Term
Input your annual interest rate and loan term. These factors determine how much interest you'll pay and how long you'll make payments.
Calculate Payment
The calculator uses the standard loan amortization formula to determine your fixed monthly payment amount.
Monthly Payments by Loan Type
Common monthly payment scenarios for different loan types
Mortgage Payments
Example Scenarios:
- • $300,000 @ 6% for 30 yrs = $1,799/mo
- • $200,000 @ 5.5% for 30 yrs = $1,136/mo
- • $400,000 @ 6.5% for 15 yrs = $3,526/mo
Auto Loan Payments
Example Scenarios:
- • $25,000 @ 7% for 5 yrs = $495/mo
- • $35,000 @ 6.5% for 6 yrs = $588/mo
- • $15,000 @ 8% for 4 yrs = $366/mo
Personal Loan Payments
Example Scenarios:
- • $10,000 @ 12% for 3 yrs = $332/mo
- • $20,000 @ 10% for 5 yrs = $425/mo
- • $5,000 @ 15% for 2 yrs = $242/mo
Factors Affecting Monthly Payments
Understanding what influences your monthly payment amount
Interest Rate Impact
- •Higher rates = higher monthly payments
- •Fixed vs. variable rate considerations
- •Credit score affects interest rates
- •Market conditions influence rates
Loan Term Effects
- •Longer terms = lower monthly payments
- •But longer terms = more total interest
- •Shorter terms = higher payments, less interest
- •Balance payment affordability vs. total cost
Calculate Your Monthly Payment
Use our free monthly payment calculator to understand your loan costs and plan your budget effectively.
Calculate Monthly Payment