Quick answer Enter a loan amount, APR and term to estimate the monthly payment. For a fixed-rate loan the payment is: M = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the annual interest rate ÷ 12, and n is the number of months. (With no fees, the APR equals the interest rate.) The result is an estimate; your actual APR and payment come from the lender.
Enter a loan amount, an APR and a term to see an estimate of the monthly payment and total interest. This is a general-purpose calculator for a fixed-rate loan with equal monthly payments; it is not an offer or a quote.
Estimate only. Excludes origination fees, late fees and rounding. APR is treated as a nominal annual rate compounded monthly, which approximates how most fixed-rate installment loans amortize. Your lender's disclosure controls.
The calculator runs in your browser. We do not store or send the numbers you enter.
Worked example (illustration only)
Assumptions: $10,000 borrowed, 12.00% APR (no fees, so APR equals the interest rate; monthly rate = 1.00%), fixed rate, equal monthly payments, all payments on time. Real offers with origination fees have an APR above the interest rate. Not a lender offer.
| Term | Monthly payment | Total interest | Total repaid |
|---|---|---|---|
| 24 months | $470.73 | $1,297.63 | $11,297.63 |
| 36 months | $332.14 | $1,957.15 | $11,957.15 |
| 60 months | $222.44 | $3,346.67 | $13,346.67 |
Total repaid uses the unrounded payment. With the payment rounded to the cent, 24 payments of $470.73 total $11,297.52, 36 payments of $332.14 total $11,957.04, and 60 payments of $222.44 total $13,346.40.
A longer term lowers the monthly payment but raises total interest in this example.
Benchmark (not an offer): the Fed’s G.19 average APR on 24-month personal loans at commercial banks was 11.90% for August 2026 (preliminary, released October 7, 2026).
What the calculator does not include
- Origination fees. If a fee is deducted from proceeds, you receive less cash than the loan amount; the APR a lender discloses includes origination charges; the interest rate alone does not (CFPB).
- Late fees, or rate changes on variable loans.
- Whether you qualify. Approval and rate are decided by the lender and are not guaranteed.
General information, not financial advice.
Sources
- Consumer Credit - G.19 (release of October 7, 2026, August 2026 data), Board of Governors of the Federal Reserve System (accessed October 19, 2026)
- What is the difference between a loan interest rate and the APR?, Consumer Financial Protection Bureau (accessed October 19, 2026)
- Do personal installment loans have fees?, Consumer Financial Protection Bureau (accessed October 19, 2026)
General information only; not financial, legal or tax advice. Moneysilk is not a lender and does not make credit decisions. Read our editorial standards and corrections policy.