Payment Calculator
Monthly payment for any loan.
Result
Payment per period
$188.71
- Total paid
- $11,322.74
- Total interest
- $1,322.74
- Payments per year
- 12
Common questions
How is a loan payment calculated?
The standard formula is P = L × [r(1+r)^n] / [(1+r)^n − 1], where L is the loan amount, r is the monthly interest rate, and n is the total number of payments.
How do extra payments affect my loan?
Extra payments go directly toward principal, reducing total interest and shortening the loan term. Even small additional monthly payments can save thousands over the life of a loan.