Loan Payment Calculator
Calculate the monthly payment on any loan, including balloon payments. See total interest and total cost for the full term.
Optional lump sum due at the end, as a % of the loan.
Monthly payment
$495.03
Balloon payment
None
Total payment
$29,702
Total interest
$4,702
A balloon payment lowers your monthly payment by leaving a lump sum for the end of the term, often used on auto and business loans.
How it works
M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1). Total interest = M × n − P.
Example: $15,000 at 6% for 5 years → $290/month, $2,400 total interest.
Loan Payment Calculator on True Calculator gives you an instant, accurate answer with no sign-up and no app install. Calculate the monthly payment on any loan, including balloon payments. See total interest and total cost for the full term. Every result shows the formula and a worked example so you can verify the calculation yourself, and all values are computed in your own browser — your numbers never leave your device.
Popular uses: loan payment calculator · loan monthly payment · loan amount calculator
Last updated: August 2026
How We Calculate
This calculator uses standard mathematical formulas verified by our team. All calculations are performed instantly in your browser using JavaScript — no data is sent to any server. The formulas used are industry-standard and match those used by banks, financial institutions and health organizations.
For financial calculators, we use RBI-approved formulas and regularly updated bank rates. For health calculators, we use WHO-recommended formulas and medical standards. All rates and standards are sourced from official government and regulatory websites.
Frequently Asked Questions
How is a loan payment calculated?
It uses the standard amortising formula: payment = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the amount, r the monthly rate and n the number of payments. Every payment is the same.
What does the total interest paid include?
It is the difference between what you borrow and everything you repay over the term. Longer terms and higher rates both raise total interest even when the monthly payment stays affordable.
How do I reduce my loan payments?
Borrow less, extend the term (raises total interest) or shop for a lower rate. Use this calculator to compare options before committing to any loan.
Is this loan payment calculator free to use?
Yes, True Calculator's loan payment calculator is completely free with no sign-up, no app install and no usage limits.
You might also need
Related calculators from other categories
Math
Percentage Calculator
Calculate percentages, percentage difference and percentage change instantly. Work out what 20% of any number is, find discounts, markups and more.
Date
Age Calculator
Find your exact age in years, months and days from your date of birth — plus the weekday you were born on. Free and works offline.
Date
Date Difference Calculator
Count the exact number of days, weeks, months and business days between two dates. Perfect for deadlines, leave planning and projects.
Time
Time Duration Calculator
Calculate hours and minutes between two times, across midnight if needed. Ideal for shifts, travel time and event planning.