Loan Calculator

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Calculate the monthly payment, total interest and total repayment on any loan from the amount, interest rate and term in years or months. Free and instant.

$
%
per year
Monthly payment – per month
Total interest –
Total repayment –
Payoff term –
Assumes a fixed-rate loan with equal monthly payments and no fees. Interest is compounded monthly on the remaining balance.

About Loan Calculator

The Loan Calculator computes the monthly payment on any fixed-rate loan from three inputs: the amount borrowed, the annual interest rate and the term — entered in years or months. It also shows the total interest you will pay and the total repayment over the life of the loan.

The payment comes from the standard amortization formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of monthly payments. Interest compounds monthly on the remaining balance, and every payment is equal.

It works for personal loans, car loans, student debt or mortgage principal-and-interest — any amortizing loan. Compare terms side by side to see how a shorter loan trades a higher payment for much less total interest. Free and instant in your browser.

How to use Loan Calculator

  1. Enter the loan amount you want to borrow.
  2. Enter the annual interest rate.
  3. Set the term and choose its unit — years or months.
  4. Read the monthly payment, total interest and total repayment.

Frequently asked questions

With the amortization formula P × r ÷ (1 − (1 + r)^−n): P is the amount borrowed, r the monthly rate (annual ÷ 12) and n the number of payments. Every payment is identical for a fixed-rate loan.

Total interest = monthly payment × number of payments − loan amount. On $20,000 at 7% over 5 years, the payment is about $396 and total interest roughly $3,760 — the calculator shows both lines instantly.

Shorter terms mean higher monthly payments but substantially less total interest; longer terms ease the monthly budget at a higher lifetime cost. Run both terms and compare the total repayment figures.

Yes — switch the term unit to months for loans quoted that way, like 48-month auto financing. The math is identical; years are simply converted to months internally.

Treat them as estimates, not financial advice. The model assumes a fixed rate, equal monthly payments and no fees; real loans may include origination fees, insurance or variable rates that change the true cost.
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