Loan Calculator
Enter your loan amount, rate and term to see the monthly payment and how much interest you'll pay overall.
📖 How it works & FAQEstimate only — not financial advice.
What this loan calculator does
This tool works out the fixed monthly payment for an amortizing loan — the kind used for cars, personal loans, student loans and most fixed-rate mortgages. Give it three numbers: how much you're borrowing (the principal), the annual interest rate (APR), and how long you have to pay it back. It instantly returns your estimated monthly payment, the total you'll pay across the whole loan, and how much of that is pure interest.
How the math works
The payment is calculated with the standard amortization formula M = P × r / (1 − (1 + r)^−n), where P is the loan amount, r is the monthly interest rate (your APR divided by 12), and n is the number of monthly payments. Total paid is simply the monthly payment times the number of months, and total interest is that total minus what you borrowed. If you enter a 0% rate, the payment is just the principal split evenly across the term.
How to use it
- Type the amount you want to borrow into Loan amount.
- Enter the annual interest rate as a percentage — for example, 6.5 for 6.5% APR.
- Enter the loan term and pick Years or Months from the unit dropdown.
- Read your monthly payment at the top, and check the total paid and total interest below it.
- Adjust any field to compare shorter terms or lower rates in real time.
FAQ
- Is my information saved or uploaded?
- No. Every calculation runs entirely in your browser. Nothing you type is sent anywhere or stored.
- Does this include taxes, insurance or fees?
- No. It calculates principal and interest only. Real loans may add origination fees, property tax, insurance or PMI, so your actual bill can be higher.
- What's the difference between APR and interest rate here?
- This tool treats the number you enter as a nominal annual rate and divides it by 12 for the monthly rate. A lender's advertised APR may bundle in fees, so use your loan's stated rate for the closest match.
- Why does a longer term cost more overall?
- Stretching payments over more months lowers each payment but gives interest more time to accrue, so total interest — and total paid — goes up.
Results are estimates for general information only and are not financial advice. Confirm figures with your lender.