Understand the monthly cost and total interest of a fixed-rate loan.
Calculated in your browser. No account required. Illustrative estimate. Review the assumptions before using the result.View calculation table
How this calculation works
Payment = P × i / (1 − (1+i)^−n).
P is principal, i is the annual interest rate divided by 12, and n is the number of monthly payments. At 0% interest, payment is P/n.
A worked example
A $12,000 loan at 0% for one year costs $1,000 per month.
Assumptions and limitations
Fixed-rate, fully amortizing monthly payments. No origination fees, insurance, penalties, or irregular payment dates. Schedules use unrounded balances; displayed amounts are rounded.
Common questions
Why can my actual result differ?
Fixed-rate, fully amortizing monthly payments. No origination fees, insurance, penalties, or irregular payment dates. Schedules use unrounded balances; displayed amounts are rounded.
Are my inputs saved?
The calculator code processes inputs within your browser and does not send them to our server or save them in browser storage. Downloads and copied summaries remain under your control.