Loan Calculator
Estimate loan payments and interest.
About this tool
The Loan Calculator computes your monthly payment, total interest paid, and total repayment amount for any fixed-rate loan. Enter the principal, annual interest rate, and term to instantly see the full cost of borrowing.
How it works
- Enter the loan amount (principal) in dollars.
- Enter the annual interest rate as a percentage.
- Enter the loan term in years.
- The calculator instantly displays your monthly payment, total interest, and total repayment.
Example use cases
- Car loan: A $25,000 auto loan at 6% APR over 5 years produces a monthly payment of $483.32 and $3,999 in total interest.
- Personal loan: A $10,000 personal loan at 10% APR over 3 years results in $322.67 per month and $1,616 in interest.
Frequently asked questions
Why is my monthly payment higher than I expected?
Higher interest rates or longer terms increase total interest. Even a 1% rate difference can add hundreds of dollars over a multi-year loan.
Can I use this for a mortgage?
Yes for the principal and interest portion. A full mortgage payment also includes escrow for property taxes and insurance - add those separately.