Loan Calculator
Estimate the monthly payment on a loan, plus how much interest you'll pay over its life. Enter the amount, annual interest rate, and term to see the full picture instantly.
How loan payments work
Most personal loans, auto loans, and mortgages are amortizing: you pay the same fixed amount every month, and each payment covers the interest due plus a bit of the principal. Early on, most of your payment is interest; over time, more goes toward the principal. This calculator uses the standard amortization formula to find the fixed monthly payment that pays the loan off exactly by the end of the term.
What the results mean
- Monthly payment: the fixed amount you'd pay each month.
- Total interest: everything you pay on top of the amount borrowed.
- Total cost: the loan amount plus all the interest — what the loan really costs you.
Tips before you borrow
- Rate matters enormously. Even a 1% lower rate can save thousands over a long term — shop around.
- Shorter terms cost less overall. A shorter term means higher monthly payments but far less total interest.
- Watch the total, not just the monthly. A low monthly payment stretched over many years can hide a very high total cost.
- This is an estimate. Real loans may include fees, insurance, or a different compounding method — always check the lender's exact figures.
Private and instant
All the math runs in your browser — your figures are never uploaded. Use it to compare offers, plan a budget, or sanity-check a lender's quote.
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Frequently asked questions
How is a monthly loan payment calculated?
With the amortization formula: it factors in the principal, the monthly interest rate (annual rate ÷ 12), and the number of payments to find a fixed amount that clears the loan by the end of the term.
Does a lower interest rate really matter that much?
Yes. Because interest compounds over the whole term, even a fraction of a percent can change the total cost by a large amount, especially on bigger or longer loans.
Is this financial advice?
No — it's an estimate for planning. Always confirm exact figures, fees, and terms with the lender, and consult a professional for financial decisions.