01
$20,000 over 5 years at 6%
Enter Amount $20,000, Rate 6% and Term 5 years to get a monthly payment of about $386.66, with total interest of about $3,199.36 over the life of the loan.
Loan Payment Calculator
CalculatorsCalculate your monthly loan payment, total interest and total cost — free loan EMI calculator.
About
About the Loan Payment Calculator
Calculates the monthly payment, total interest and total cost of a fixed-rate loan from the amount, rate and term.
Homebuyers and car buyers use it to estimate a monthly payment before applying for a loan, while anyone comparing offers uses it to see how a different rate or term changes the total cost. It's one of many free calculators on Toolapt, and like every tool here, it's free to use with no sign-up and no limit on how many times you run it.
Examples
Loan Payment Calculator examples
3 worked examples
02
$10,000 over 3 years at 5%
Enter Amount $10,000, Rate 5% and Term 3 years to get a monthly payment of about $299.71, with total interest of about $789.52.
03
0% interest loan
Enter Amount $6,000, Rate 0% and Term 24 months to get a monthly payment of exactly $250.00, since the amount is split evenly with no interest added.
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FAQ
Frequently asked questions
Quick answers to common questions about the Loan Payment Calculator.
What does the Loan Payment Calculator do?
It calculates the fixed monthly payment, total interest and total cost of a loan from the amount, annual interest rate and term.
Is the Loan Payment Calculator free to use?
Yes. It's free, with no sign-up, no watermark and no limit on how many times you use it.
Is my input safe when I use this tool?
Yes. The numbers you enter are processed entirely on your own device — nothing is sent to a server.
What formula does this calculator use?
It uses the standard fixed-rate amortizing-loan formula, the same one lenders use to work out a level monthly payment over the full term.
What if my loan has a 0% interest rate?
The calculator handles that correctly — it simply divides the loan amount evenly across the number of months in the term.
Can I enter the term in months instead of years?
Yes. Choose "Months" from the Term unit dropdown and enter the term directly in months.
Can I use the Loan Payment Calculator on my phone?
Yes. The page is fully responsive and works on mobile, tablet and desktop browsers alike.
Does the Loan Payment Calculator have any limitations?
It assumes a fixed interest rate and a standard level monthly payment; it doesn't model variable rates, extra payments or fees a real lender might add.