Loan Calculator
Estimate your monthly payment, total interest, and total repayment amount for any loan.
How to use this loan calculator
1. Enter the loan amount
Input the total amount you plan to borrow, before interest.
2. Enter the interest rate and term
Add the annual interest rate and how many years you'll take to repay the loan.
3. Calculate
Instantly see your estimated monthly payment, total interest paid, and total repayment amount.
Understanding your loan calculator results
This loan calculator uses the standard amortization formula to estimate a fixed monthly payment across the full term of your loan. Each payment is split between principal (the amount borrowed) and interest (the cost of borrowing), with interest making up a larger share of early payments and principal making up more of later ones. Knowing your total interest cost upfront can help you compare offers or decide whether a shorter term is worth the higher monthly payment. If you're deciding between a loan and building savings instead, our compound interest calculator is a useful comparison tool.
What affects your monthly loan payment?
Three factors determine your payment: the loan amount, the interest rate, and the repayment term. A higher interest rate or a larger loan amount both increase your monthly payment, while a longer term lowers your monthly payment but increases the total interest paid over the life of the loan. This trade-off between monthly affordability and total cost is one of the most important things to weigh when comparing loan offers. For a broader explanation of how amortizing loans work, see this overview of amortization on Wikipedia.
Loan calculator: frequently asked questions
Does this work for any type of loan?
Yes, this works for personal loans, car loans, and any other fixed-rate, fixed-term loan with equal monthly payments. It is not designed for mortgages with variable rates or balloon payments.
Why is my total interest so much higher on longer terms?
A longer term spreads your payments out, which lowers each individual payment, but you end up paying interest for a longer period of time, increasing the total cost.
Does this include fees or taxes?
No, this calculates principal and interest only. Always check with your lender for any additional fees that may apply to your specific loan.
Is this calculator free to use?
Yes, completely free with no sign-up required.