This loan monthly payment calculator finds the fixed monthly installment for an amortizing loan from the amount, interest rate, and term. Enter the values above.
Formula
M = P × [ r(1+r)ⁿ ] ÷ [ (1+r)ⁿ − 1 ]
- P — loan amount, r — monthly rate, n — number of payments
Example
$15,000 at 6% over 4 years: monthly payment about $352.
Good to know
These results are estimates for educational purposes only and are not financial advice. Rates, fees, and terms vary by lender and situation — confirm figures with a licensed professional before making decisions. Last updated: August 2026.
Frequently Asked Questions
How do I calculate a loan’s monthly payment?
Apply the amortization formula with the principal, monthly interest rate, and total number of payments.
Does a longer term lower the monthly payment?
Yes, but it raises the total interest paid over the life of the loan.
What monthly rate do I use?
Divide the annual percentage rate by 12 to get the monthly rate for the formula.