Monthly Payment Calculator
A streamlined tool to quickly find out what your monthly obligation will be for any fixed-rate loan.
What a fixed monthly payment means
Each payment covers that month’s interest and some principal. The balance declines, so the interest share falls over time even though the scheduled payment remains fixed. Dividing principal by the number of months is correct only at zero interest.
The annual nominal rate is divided by twelve. This differs from converting an effective annual rate and from calculating APR with fees. Payments are assumed to occur at month end; daily accrual and irregular first-payment dates are excluded.
Use the result as a starting installment estimate. For a home loan, use the mortgage calculator to add entered tax, insurance and HOA. For any loan, compare the written repayment schedule before committing.
| Principal | Rate / years | Monthly | Total interest |
|---|---|---|---|
| $80,000.00 | 6% / 30 | $479.64 | $92,670.55 |
| $80,000.00 | 0% / 30 | $222.22 | $0.00 |
Assumptions 2026-09-20.1. Formulas, rounding, tests and primary sources. These estimates do not provide financial advice or predict approval.