Monthly payment
$410.33
Loan Calculator
Calculate monthly payment, total interest, and full repayment cost for fixed-rate loans.
Key Terms (Click to expand)
Principal
The amount borrowed before interest and fees.
Origination fee
A lender fee shown separately in this calculator; it does not change the payment formula principal.
APR
Annual Percentage Rate includes more than interest; this tool uses nominal annual interest rate input.
Total repayment
The sum of all scheduled monthly payments over the full loan term.
Tool
Total interest
$4,619.84
Total repayment
$24,619.84
Loan detail breakdown
| Loan amount | $20,000.00 |
|---|---|
| Loan term (months) | 60 |
| Annual interest rate | 8.5% |
| Origination fee | $0.00 |
| Effective financed amount | $20,000.00 |
Methodology
Monthly payment uses the fixed-rate installment formula:
M = P * [r(1 + r)^n] / [(1 + r)^n - 1]
- P = loan amount
- r = monthly interest rate (annual rate / 12)
- n = total number of months in the loan term
- If rate is 0, monthly payment equals principal divided by term.
Worked Example
For a loan amount of $20,000 at 8.5% for 60 months, estimated monthly payment is $410.33.
Assumptions and Limitations
- This estimate assumes a fixed interest rate for the full term.
- Origination fee is displayed separately and not financed into monthly payment.
- Actual lender terms and APR disclosures may differ.
FAQ
Is this for fixed-rate loans only?
Yes. This calculator is designed for fixed-rate installment loans.
Does this include APR?
No. This calculator uses nominal annual interest rate and shows origination fee separately.
Does origination fee change monthly payment here?
No. Fee is displayed as part of loan cost context, but payment formula uses principal amount directly.