Loan Calculator
Calculate monthly loan payments and total interest.
A loan calculator estimates your monthly payment, total paid and total interest for a fixed-rate loan.
How to Use the Loan Calculator
- Enter the loan amount. Type how much you borrow.
- Set the rate and term. Enter the annual interest rate and term in years.
- Read the result. See the monthly payment, total paid and interest.
This tool processes your input locally in your browser. Nothing is uploaded.
What Is Loan Calculator?
A loan calculator estimates fixed monthly payments using the standard amortization formula, helping you budget for a loan.
Formula
Monthly payment = P × r / (1 − (1 + r)^−n), where r is the monthly rate (annual/12) and n is the number of monthly payments.
Assumptions
The result assumes a fixed interest rate and no extra fees. Actual terms from lenders may differ.
Key Features
- Monthly payment
- Total interest
- Total paid
- Transparent math
Examples
- A $20,000 loan at 6% for 5 years has a monthly payment of about $387.
Common Use Cases
- Auto loans
- Personal loans
- Budgeting
Tips & Best Practices
- Compare lenders by total interest, not just monthly payment.
Limitations
- Does not include fees, taxes or variable rates.
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Frequently Asked Questions
How is a loan payment calculated?
Using the amortization formula: P × r / (1 − (1+r)^−n).
What does the total interest mean?
The extra amount you pay over the principal across the whole term.
Is this a quote?
No, it is an estimate; actual terms depend on the lender.
Is it free?
Yes, and it runs locally.