Free money calculator
Calculate the monthly payment, total repayment, and total interest for a fixed-rate installment loan.
Estimated result
Enter your details and calculate.
Educational estimate only. Confirm costs and terms with the relevant lender, tax professional, or financial professional.
How this calculator works
Fixed-rate installment loans use amortization: each equal payment covers that month’s interest and reduces principal. Early payments contain more interest than later payments.
Worked example
A $20,000 five-year loan at 8% costs about $406 per month, before lender fees.
Frequently asked questions
Are origination fees included?
No. Add lender fees to the amount financed if you want them reflected.
Can I enter a zero interest rate?
Yes. The principal is divided evenly by the number of months.
Why can the lender payment differ?
Rounding, fees, payment timing, and lender-specific rules can change the final amount.