Loan Calculator

Use this calculator to get the monthly payment of a loan.

Loan Calculator

This tool helps you:

  1. Understand and plan for loan repayments with precision. Whether you're taking out a personal, student, or business loan>, it calculates your expected monthly repayment and shows how different loan terms impact your cash flow.

  2. It also accounts for special scenarios, such as loans with a grace period, so you can see how deferring payments affects your repayment schedule. For subsidized loans, the tool estimates the implicit interest rate (APR), helping you understand the true cost of borrowing.

  3. Additionally, it factors in loan fees to provide the effective interest rate, giving you a complete picture of the total cost of your loan and enabling smarter financial planning.

Loan Feature

Loan amount
Interest rate
Loan term months
Grace period
months
This is a period of time during which you are not required to make payments on your loan principal or even loan interest, but interest may still accrue.
No payment required
for the first months
During the grace period, if you are given a period of no payment required (neither interest nor principal payment is needed), input that number of months here.
A subsidized loan does not accrue interest (interest free) during the grace period
Origination fees
The contractual loan amount is $

Check the implicit interest rate

This loan's implicit interest rate is

The implicit interest rate is the effective interest rate on a loan, reflecting the true cost of borrowing. It is also the calculated IRR (internal rate of return) for the whole loan period from the loan issuer's prospect. The effective interest rate can be different from your loan interest rate input above due to:
  1. The higher the origination fees, the higher the implicit loan rate will be.
  2. A subsidized loan with a long grace period can significantly reduce the implicit loan rate.

Monthly loan repayment
Month 1 ~ Month 24
Month 25 ~ Month 60

Monthly Loan Payment Breakdown

Loan Balance Overtime

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Content created by

AlexCFA, FSA, FRM, MBA

Alex is a seasoned finance professional with over 15 years of experience in investment management, consulting, and financial technology. He began his career as a financial advisor and later led large-scale budgeting and risk management initiatives as an actuary and manager at KPMG and global insurance firms. He also brings extensive experience as both an investment analyst and a software engineer. Alex is a CFA® charterholder, Fellow of the Society of Actuaries (FSA), and Financial Risk Manager (FRM®). He holds an MBA from the Simon Business School at the University of Rochester.

Content published on 2023-11-01. Last reviewed and updated on 2026-01-16.

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