How loan payments work
For a fixed-rate amortizing loan, the monthly payment depends on principal, annual interest rate and repayment term. The calculator assumes equal monthly installments and monthly interest.
Worked example
Example: a $15,000 loan at 6.5% for five years produces a monthly payment of about $293.49. Your lender may add fees or use different conventions.
Assumptions and limitations
This estimate excludes origination fees, insurance, penalties and changes in interest rates.
How to use this calculator
Enter the requested values, check the units, and press Calculate now. Adjust one input at a time to compare scenarios. The result updates only when you press the button again.
For educational purposes only. Verify important financial or health decisions with a qualified professional.
How the estimate works
The calculator assumes a fixed interest rate and equal monthly installments. It converts the annual rate to a monthly rate and amortizes the principal over the chosen number of months.
Frequently asked questions
What is the difference between interest rate and APR?
APR may include certain loan fees, so it can better represent total borrowing cost than the nominal interest rate alone.
Can I use this calculator for free?
Yes. CalcTrustHub calculators are free to use and do not require an account. Results are estimates based on your inputs.
Compare offers on more than the payment
A personal loan can include origination fees and an APR that differs from the stated interest rate. This calculator uses the interest rate you enter, not a lender-specific fee schedule. Check the lender’s repayment disclosure before committing.
Does this calculate my approval odds?
No. Approval and offered rates depend on the lender and your individual circumstances.