Loan Calculator
Enter a loan amount, annual interest rate and term in months to see the fixed monthly payment, how much interest you'll pay in total, and the full amount repaid over the life of the loan.
How to use
Fill in the amount borrowed, the annual interest rate as a percentage, and the number of months. The tool uses the standard amortization formula — the same one banks use for fixed-payment loans and mortgages — to compute the equal monthly payment.
The result breaks down into the monthly payment, the total interest (the cost of borrowing on top of the amount), and the total paid. Comparing terms shows the classic trade-off: a longer term means a smaller monthly payment but more interest overall.
FAQ
How is the monthly loan payment calculated?
With the amortization formula: payment = P·r·(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate (annual ÷ 12 ÷ 100), and n is the number of months. It produces a fixed payment that fully pays off the loan by the end of the term.
Does a longer term save me money?
No — it lowers the monthly payment but increases total interest, because you're borrowing the money for longer. A shorter term costs more each month but less overall. This calculator lets you compare both quickly.
Does this include fees or insurance?
No — it calculates principal and interest only. Real loans may add origination fees, insurance or other charges that raise the effective cost (APR). Treat this as the core payment estimate.
Is my financial information sent anywhere?
No — everything is calculated in your browser. The numbers you enter are never transmitted or stored.