Does this work for personal loans and student loans?

It works for any fixed-rate, fully amortizing loan. Income-driven or variable-rate loans need a different model.

What if the interest rate is zero?

The payment is simply the loan amount divided by the number of months.

Finance

Calculate a fixed monthly loan payment, total interest, and total repayment from amount, rate, and term.

Monthly payment

$298.62

Share your result

Enter the loan amount, annual interest rate, and term in years. The calculator uses standard amortizing-loan math to find the fixed monthly payment.

M = P × r(1+r)^n ÷ ((1+r)^n − 1). Total repayment = M × n. Total interest = total repayment − P.

A $12,000 loan at 9% for 4 years has a monthly payment of about $299 and about $2,340 in total interest.

Percent of, change, and difference.

Exact age, totals, and next birthday.

Estimate investment growth over time.

Monthly payment and amortization summary.