Loan Calculator
Calculate your monthly payment, total interest, and payoff timeline for any loan.
How to use Loan Calculator
- Enter the loan amount (principal).
- Enter the annual interest rate.
- Enter the loan term in years.
- Your monthly payment, total interest, and total repayment update instantly.
About this tool
The Loan Calculator works out your fixed monthly payment for any loan — mortgage, auto, personal, or student — based on the loan amount, annual interest rate, and term. It also shows the total interest you'll pay over the life of the loan and the total amount repaid. All calculations run instantly in your browser — nothing is uploaded or sent to a server.
Frequently Asked Questions
How is the monthly payment calculated?
Using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). This produces a fixed payment where the interest portion decreases and the principal portion increases each month.
Does this include taxes, insurance, or fees?
No — this calculates principal and interest only, which is the standard 'loan payment' figure. Mortgages in particular often have additional escrow costs (property tax, homeowners insurance, PMI) added on top by your lender.
What's the difference between total interest and total repayment?
Total repayment is every payment added up over the full term. Total interest is that amount minus the original loan amount — it's the extra cost of borrowing.