Mini-App · Calculators
Calculate Your Monthly Loan Payment and Total Interest
For small business owners weighing an equipment loan, SBA loan, vehicle loan or any fixed-rate borrowing. Type the loan amount, the yearly interest rate and the number of months.
You get the fixed monthly payment rounded to the cent, the total amount you will repay over the life of the loan, and the total interest it costs you.
Results update as you type. Free to use.
Monthly payment
$386.66
Total interest paid
$3,199.6
- Total amount repaid
- $23,199.6
How to use it
- 1Type the loan amount you are borrowing.
- 2Type the yearly interest rate as a number, for example 6 for 6%. Type 0 for an interest-free loan.
- 3Type the length of the loan in months, for example 60 for 5 years.
- 4Monthly payment is your fixed monthly installment, rounded to the cent. Total interest paid is what the loan costs you beyond the amount borrowed.
Common questions
How do I enter the interest rate?
Type the yearly rate as a plain number, so 6 means 6% and 7.25 means 7.25%. Don't type 0.06 or add a % sign. For an interest-free loan, type 0 and the payment is simply the loan amount divided by the number of months.
My loan term is in years. What do I put for number of months?
Multiply the years by 12. A 5-year loan is 60 months, a 7-year loan is 84 months and a 10-year SBA loan is 120 months.
Does the result include fees, insurance or a balloon payment?
No. It assumes a standard fixed-rate loan with equal monthly payments that pay it off completely. Origination fees, insurance and balloon payments aren't included, so add those to your own estimate separately.
Is it free, and is my information kept private?
Yes, calculators are free to use and don't cost any credits. The numbers you type are used only to work out your results and aren't saved.