Loan Calculator
Calculate your monthly loan payment, total payment, and total interest instantly in your browser.
How to use the Loan Calculator
- Enter the loan amount you want to borrow.
- Enter the annual interest rate (APR) as a percentage.
- Enter the loan term in years.
- Click Run to see the monthly payment, total payment over the life of the loan, and total interest.
How the Loan Calculator works
The calculator uses the standard amortization formula for a fixed-rate loan repaid in equal monthly installments:
M = P × r × (1 + r)n ÷ ((1 + r)n − 1)
where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments (years × 12). With a 0% rate, the payment is simply the amount divided by the number of months. Total payment is the monthly payment times the number of payments, and total interest is what's left after subtracting the original amount. Taxes, insurance and lender fees are not included.
Frequently asked questions
- Is this loan calculator free?
- Yes. Calculate loan payments at no cost, with no account required.
- How is the monthly payment calculated?
- The calculator uses the standard amortization formula based on your loan amount, annual interest rate, and loan term.
- Does this include taxes or fees?
- No. This calculates principal and interest only, not taxes, insurance, or other fees.