Loan Calculator
Monthly payment, total interest, and total cost for any loan.
How it works
Enter the loan amount, annual interest rate, and term in years. The tool uses the standard amortization formula to calculate a fixed monthly payment, then shows the total interest and total amount you would pay over the life of the loan.
Frequently asked questions
How is the monthly payment calculated?
We use 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, and n is the number of monthly payments.
Does this include taxes, insurance, or fees?
No. This calculates principal and interest only. Real loan payments (especially mortgages) often include taxes, insurance, and other fees on top of this.
What if my loan has a variable rate?
This calculator assumes a fixed rate for the full term. For variable-rate loans, re-run the calculation with the new rate whenever it changes to see the updated payment.
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