{"id":23715,"date":"2026-03-31T14:36:33","date_gmt":"2026-03-31T14:36:33","guid":{"rendered":"https:\/\/incredipros.com\/?p=23715"},"modified":"2026-03-31T14:36:34","modified_gmt":"2026-03-31T14:36:34","slug":"how-to-calculate-loan-payments-and-costs","status":"publish","type":"post","link":"https:\/\/incredipros.com\/?p=23715","title":{"rendered":"How To Calculate Loan Payments And Costs"},"content":{"rendered":"<div id=\"\">\n<div class=\"overflow-hidden relative bg-blue-50 aspect-video w-full rounded-lg\"><\/div>\n<p>\n            Credit: Rockaa\/GettyImages; Illustration by Hunter Newton\/Bankrate\n        <\/p>\n<\/p><\/div>\n<div>\n<div id=\"block_e26ddfd939ea66bef3e01c624a057927\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Your loan payment is calculated based on your principal, interest rate and repayment period.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            You don\u2019t need to do complex math to know what a loan will really cost you \u2014 using a loan calculator can help you estimate your monthly payments, making it easier to budget and avoid mistakes.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            When comparing options, look at the monthly cost and total cost to see the full picture of how much you\u2019ll repay.\n                                                <\/li>\n<\/ul>\n<\/div>\n<p>There are two ways to calculate loan payments. One tests your math skills with a basic loan calculation formula. The other \u2014 and more common \u2014 method is to use any of the dozens of online loan calculators offered to crunch the numbers on a personal loan, auto loan or mortgage. Using a loan calculator can give you a general idea of what to expect with any type of loan payment without filling out an application.<\/p>\n<div class=\"InlineCta not-wysiwyg my-12\">\n            <img decoding=\"async\" class=\"InlineCta-image\" src=\"https:\/\/incredipros.com\/wp-content\/uploads\/2026\/03\/How-to-open-a-checking-account-online.jpg\" alt=\"open-a-checking-account-onlin\"\/><\/p>\n<div class=\"InlineCta-body\">\n                    <!-- htmlmin:ignore --><\/p>\n<h3 class=\"InlineCta-title\">\n    Calculate your payment with a loan calculator<br \/>\n    <\/h3>\n<p>    <!-- htmlmin:ignore --><\/p>\n<p class=\"InlineCta-copy\">Bankrate&#8217;s loan calculator takes care of the calculations for you.<\/p>\n<p>        Crunch the numbers now<\/p><\/div>\n<\/div>\n<h2 id=\"calculate\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How to calculate loan repayment\" data-outcome=\"\">How to calculate loan repayment<\/h2>\n<p>The easiest way to calculate your personal loan payment is to use an online loan calculator. This can give you a general idea of what to expect with your monthly payment without filling out an application. Try different loan terms, interest rates and amounts to see the differences in cost, especially if you have already prequalified for a loan and know your offer. You can also opt to use an interest formula if you prefer to do the math by hand.<\/p>\n<p>Most loans are amortizing loans. These apply some of your monthly payment toward your principal balance and interest. Your principal amount is spread equally over your loan repayment term. While you may choose the number of years in your term, you\u2019ll typically have 12 payments each year.<\/p>\n<h3>How to use the amortizing loan repayment formula<\/h3>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    Loan payment formula\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>The process for calculating your loan payment requires some complex math.<\/p>\n<p style=\"text-align: center;\"><strong data-start=\"1454\" data-end=\"1491\">M = P \u00d7 r \u00d7 (1+r)\u207f \/ [(1+r)\u207f \u2212 1]<\/strong><\/p>\n<p>Where <em data-start=\"1500\" data-end=\"1503\"><i>M<\/i><\/em> = monthly payment, <em data-start=\"1523\" data-end=\"1526\"><i>P<\/i><\/em> = principal, <em data-start=\"1540\" data-end=\"1543\"><i>r<\/i><\/em> = monthly rate (APR\/12), <em data-start=\"1569\" data-end=\"1572\"><i>n<\/i><\/em> = total months<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p>To calculate how many payments you\u2019ll make in your loan term, multiply the number of years by 12. Let\u2019s say you took out an auto loan for $20,000 with an APR of 6 percent and a five-year repayment timeline. Here\u2019s how you would calculate loan interest payments.<\/p>\n<ol class=\"wp-block-list\">\n<li>Divide your interest by the number of payments you\u2019ll make each year. Usually, the number is 12 \u2014 one payment per month.<\/li>\n<li>Multiply that figure by the initial balance of your loan, which should start at the full amount you borrowed. For the figures given, the loan payment formula would look like:<\/li>\n<\/ol>\n<ul class=\"wp-block-list\">\n<li>0.06 divided by 12 = 0.005<\/li>\n<li>0.005 x $20,000 = $100<\/li>\n<\/ul>\n<p>In this example, you\u2019d pay $100 in interest in the first month. As you continue to pay your loan off, more of your payment goes toward the principal balance and less toward interest. You can figure out each month\u2019s principal and interest payments and see how your loan balance drops with each payment with an amortization schedule.<\/p>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-sample-amortization-schedule', 'heading-sample-amortization-schedule']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-sample-amortization-schedule')\" :aria-controls=\"$id('panel-sample-amortization-schedule')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    Sample amortization schedule<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-sample-amortization-schedule')\" :aria-labelledby=\"$id('heading-sample-amortization-schedule')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<div class=\"w-full overflow-x-auto\">\n<table width=\"798\" class=\"Table Table--text Table--spacing1 Table--stripedOdd wrapped\">\n<tbody>\n<tr>\n<td\/>\n<td><strong>Starting balance<\/strong><\/td>\n<td><strong>Monthly payment<\/strong><\/td>\n<td><strong>Paid toward principal<\/strong><\/td>\n<td><strong>Paid toward interest<\/strong><\/td>\n<td><strong>New balance<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Month 1<\/strong><\/td>\n<td>$20,000<\/td>\n<td>$387<\/td>\n<td>$287<\/td>\n<td>$100<\/td>\n<td>$19,713<\/td>\n<\/tr>\n<tr>\n<td><strong>Month 2<\/strong><\/td>\n<td>$19,713<\/td>\n<td>$387<\/td>\n<td>$288<\/td>\n<td>$99<\/td>\n<td>$19,425<\/td>\n<\/tr>\n<tr>\n<td><strong>Month 3<\/strong><\/td>\n<td>$19,425<\/td>\n<td>$387<\/td>\n<td>$290<\/td>\n<td>$97<\/td>\n<td>$19,136<\/td>\n<\/tr>\n<tr>\n<td><strong>Month 4<\/strong><\/td>\n<td>$19,136<\/td>\n<td>$387<\/td>\n<td>$291<\/td>\n<td>$96<\/td>\n<td>$18,845<\/td>\n<\/tr>\n<tr>\n<td><strong>Month 5<\/strong><\/td>\n<td>$18,845<\/td>\n<td>$387<\/td>\n<td>$292<\/td>\n<td>$94<\/td>\n<td>$18,552<\/td>\n<\/tr>\n<tr>\n<td><strong>Month 6<\/strong><\/td>\n<td>$18,552<\/td>\n<td>$387<\/td>\n<td>$294<\/td>\n<td>$93<\/td>\n<td>$18,258<\/td>\n<\/tr>\n<tr>\n<td><strong>Month 7<\/strong><\/td>\n<td>$18,258<\/td>\n<td>$387<\/td>\n<td>$295<\/td>\n<td>$91<\/td>\n<td>$17,963<\/td>\n<\/tr>\n<tr>\n<td><strong>Month 8<\/strong><\/td>\n<td>$17,963<\/td>\n<td>$387<\/td>\n<td>$297<\/td>\n<td>$90<\/td>\n<td>$17,666<\/td>\n<\/tr>\n<tr>\n<td><strong>Month 9<\/strong><\/td>\n<td>$17,666<\/td>\n<td>$387<\/td>\n<td>$298<\/td>\n<td>$88<\/td>\n<td>$17,368<\/td>\n<\/tr>\n<tr>\n<td><strong>Month 10<\/strong><\/td>\n<td>$17,368<\/td>\n<td>$387<\/td>\n<td>$300<\/td>\n<td>$87<\/td>\n<td>$17,068<\/td>\n<\/tr>\n<tr>\n<td><strong>Month 11<\/strong><\/td>\n<td>$17,068<\/td>\n<td>$387<\/td>\n<td>$301<\/td>\n<td>$85<\/td>\n<td>$16,767<\/td>\n<\/tr>\n<tr>\n<td><strong>Month 12<\/strong><\/td>\n<td>$16,767<\/td>\n<td>$387<\/td>\n<td>$303<\/td>\n<td>$84<\/td>\n<td>$16,464<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<h2 id=\"work\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How loan payments work\" data-outcome=\"\">How loan payments work<\/h2>\n<p>Personal loans are a type of installment loan, which means they are paid on a fixed schedule over several months or years until paid in full. A portion of each payment goes toward your outstanding loan balance and any accrued interest, known as amortization.<\/p>\n<p>Three elements make up your monthly personal loan payment:<\/p>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"wp-block-table is-style-stripes wrapped\">\n<tbody>\n<tr>\n<td><strong>Principal amount<\/strong><\/td>\n<td>This is the total amount you borrow when taking out a loan. It\u2019s also the amount you pay each month to reduce the loan balance.<\/td>\n<\/tr>\n<tr>\n<td><strong>Interest rate<\/strong><\/td>\n<td>An interest rate is the amount lenders charge for lending money, expressed as a percentage. Your interest is primarily determined by your credit score.<\/td>\n<\/tr>\n<tr>\n<td><strong>Repayment term<\/strong><\/td>\n<td>This is the amount of time you have to repay the loan. Most personal loan terms are between one and seven years.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>The total cost of a loan depends on the interest rate you qualify for, the amount you borrow, how many years you choose to pay it back and the upfront fees you pay. The APR \u2014 annual percentage rate \u2014 of your loan is important because it reflects the total amount you\u2019ll pay between interest and fees.<\/p>\n<h3>Loan interest rate vs. APR<\/h3>\n<p>Your monthly payments are based off your interest rate, not your APR. The APR of your loan includes any upfront fees you need to pay, such as an origination fee, but it won\u2019t impact the amount you pay in interest unless you choose to wrap the fee into the loan rather than having it deducted from your total amount.<\/p>\n<p>For example, compare two $20,000 loans. Both have 60-month terms and an interest rate of 12.37 percent, which is the average personal loan rate as of September 2025. Lender A has a 5 percent origination fee, so when you borrow, you will receive $19,000 rather than the full $20,000. Lender B does not have an origination fee.<\/p>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"wp-block-table is-style-stripes wrapped\">\n<thead>\n<tr>\n<th>\u00a0<\/th>\n<th class=\"has-text-align-left\" data-align=\"left\"><strong>Lender A<\/strong><\/th>\n<th class=\"has-text-align-left\" data-align=\"left\"><strong>Lender B<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>Interest rate<\/strong><\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">12.37%<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">12.37%<\/td>\n<\/tr>\n<tr>\n<td><strong>APR<\/strong><\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">14.66%<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">12.37%<\/td>\n<\/tr>\n<tr>\n<td><strong>Monthly payment<\/strong><\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$449<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$449<\/td>\n<\/tr>\n<tr>\n<td><strong>Total interest paid<\/strong><\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$6,918<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$6,918<\/td>\n<\/tr>\n<tr>\n<td><strong>Total fees<\/strong><\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$1,000<\/td>\n<td class=\"has-text-align-left\" data-align=\"left\">$0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>While the total amount of interest you pay is the same, you will wind up paying more with Lender A. Be sure to balance the monthly payment against the total cost of the loan when using a calculator to be sure you\u2019re getting the best option for your budget.<\/p>\n<h3>How to use loan payment calculations<\/h3>\n<p>Since the calculator does most of the work for you, it\u2019s helpful to know when these loan calculations can come in handy for your money plans.<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Compare payments:<\/strong> If the payment on a three-year term makes you nervous, consider making extra payments on a five-year term instead. You won\u2019t save as much if you revert to your five-year payment, but you\u2019re also not locked into the higher short-term payment. Just make sure there are no early repayment penalties with your lender.<\/li>\n<li>\n<strong>Compare total interest:<\/strong> The repayment term can impact the total cost of your loan. A longer term means you pay less monthly but more in interest over the life of the loan.<\/li>\n<li>\n<strong>Figure out your no-fly zone early:<\/strong> You may be surprised by how high \u2014 or how low \u2014 the payments are for a personal loan. You\u2019re better off knowing what the payments look like ahead of time than at the last minute when you need cash fast so you don\u2019t overborrow if there\u2019s a financial crisis in your life.<\/li>\n<\/ul>\n<h2 id=\"calculators\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Calculators for estimating potential costs\" data-outcome=\"\">Calculators for estimating potential costs<\/h2>\n<p>If you\u2019re not a fan of complicated math formulas, let a loan calculator do all the hard work. Whether you\u2019re buying a house and need a mortgage or need quick cash from a personal loan to pay for an emergency car repair, there\u2019s a calculator available for you to crunch numbers.<\/p>\n<h2 data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Bottom line\" data-outcome=\"\">Bottom line<\/h2>\n<p>It\u2019s best to calculate loan payments and costs long before you need the money. Because personal loan rates can vary from 6.5 percent to almost 36 percent, it\u2019s important to at least have a ballpark idea of what the payments look like ahead of time.<\/p>\n<p>Getting the lowest payment may not always be the best choice for your finances. Watch for differences between quoted interest rates and APRs so you don\u2019t take out a loan with high fees. The lowest rate may not be the best deal if it comes with expensive origination costs.<\/p>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"Bgje28t4qo\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. 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rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Credit: Rockaa\/GettyImages; Illustration by Hunter Newton\/Bankrate Key takeaways Your loan payment is calculated based on your principal, interest rate and repayment period. You don\u2019t need to do complex math to know what a loan will really cost you \u2014 using a loan calculator can help you estimate your monthly payments, making it easier to budget<\/p>\n","protected":false},"author":1,"featured_media":23716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-23715","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How To Calculate Loan Payments And Costs | IncrediPros<\/title>\n<meta name=\"description\" content=\"Credit: Rockaa\/GettyImages; Illustration by Hunter Newton\/Bankrate Key takeaways Your loan payment is calculated based on your principal, interest rate\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/incredipros.com\/?p=23715\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How To Calculate Loan Payments And Costs | IncrediPros\" \/>\n<meta property=\"og:description\" content=\"Credit: Rockaa\/GettyImages; 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