Computavi

Loans tools

What would this loan cost each month?

Work out a monthly payment from a loan amount, interest rate and repayment term, with a full payment table.

Use the loan interest rate, not APR. Payments include loan repayment and interest only.

Loan payment calculator inputs

Use the same currency throughout. Enter numbers without commas or currency symbols, for example 1000.50. Amounts allow two decimal places; rates allow six.

Your loan

The amount the loan will provide, excluding fees.
Use the loan interest rate, not APR, which can include fees. For 5%, enter 5.
Use a whole number from 1 to 600. For 5 years, enter 60.

Calculate once. After that, valid edits update your result automatically.

Understand this estimate

Use the loan interest rate, not APR. Payments include loan repayment and interest only.

Worked example

Borrowing 1000 at 12% nominal yearly interest over 12 months gives a regular payment of 88.85, a last payment of 88.84 and total interest of 66.19.

How we calculate this

The loan rate is nominal per year, divided by 12. Interest rounds half-up to a cent each month before the payment.

We find the smallest cent payment that repays within the requested term. The last payment is capped at what is owed; very small loans can finish earlier.

This is a fixed-rate monthly model, not APR or a lender quote. Taxes, insurance, variable rates, daily interest, penalties and financed fees are excluded.

Sources explain the underlying concepts; this calculator uses the conventions described above. It does not recommend a financial product.

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