Loan Calculator
Calculate your monthly loan payment, total interest paid, and view amortization details.
Calculate Loan Payment
How the Loan Calculator Works
The loan calculator estimates monthly payments from loan amount, annual interest rate and loan term. It also shows total interest so you can compare different rates and repayment lengths.
Formula
Monthly payment = P x r(1 + r)^n / ((1 + r)^n - 1), where P is principal, r is monthly interest rate and n is number of monthly payments.
Example
A longer term usually lowers the monthly payment but increases total interest. A shorter term often costs more each month but less overall.
Limitations
The estimate may not include fees, insurance, taxes, early repayment charges or variable-rate changes. Always compare it with lender disclosures.
How to use the result responsibly
- Check that every input uses the unit and time period shown beside the field.
- Compare the result with the worked example and formula above.
- For financial, tax, health, or legal decisions, confirm current rules with a qualified professional or the relevant authority.
Frequently Asked Questions
Why does the same interest rate cost more on longer loans?
Interest is charged over more months, so the total paid can rise even if the monthly payment looks easier.
Can I use this for car or personal loans?
Yes, it works for standard amortized loans where payments are fixed and interest is spread across the term.
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Editorially reviewed August 18, 2026. Read our calculation methodology and editorial policy.