Calculate exact monthly loan payments using the standard PMT formula. Enter your loan amount, interest rate, and term to instantly find your payment, total interest, and overall loan cost for any type of loan.
Enter your details and click Calculate to see results.
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Input the total amount you want to borrow or the remaining balance on an existing loan.
Enter the annual interest rate as a percentage. This is the rate quoted by your lender.
Enter the loan duration in years and optional extra months for a precise term.
See your exact monthly payment, total amount paid, and total interest over the loan's life.
The monthly payment is calculated using the standard PMT (Payment) formula: M = P × r(1+r)^n / ((1+r)^n - 1) where P is the principal, r is the monthly interest rate, and n is the number of payments. This formula is used by all banks and lenders worldwide.
Total interest = (Monthly Payment × Number of Payments) - Principal. This shows the true cost of borrowing over the full loan term.
The monthly payment remains constant throughout the loan term (fixed-rate). Early payments go mostly toward interest; later payments pay more principal. This is called amortization.
PMT stands for Payment. It's the standard financial formula to calculate the fixed payment required to repay a loan: PMT = P × r(1+r)^n / ((1+r)^n - 1). Banks use this formula to calculate your monthly payment.
