Loan Payment Calculator
Estimate the monthly payment, total cost, and interest on a loan.
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Enter a loan amount, interest rate, and term.
This loan calculator works out the fixed monthly payment for a loan from the amount borrowed, the annual interest rate, and the term in years. It uses the standard amortization formula, the same approach banks use for mortgages, car loans, and personal loans.
Alongside the monthly payment it shows the total of all payments over the life of the loan and how much of that is interest, so you can see the real cost of borrowing. Everything is calculated in your browser, and nothing you enter is uploaded or stored.
How to use
- Enter the loan amount you plan to borrow.
- Enter the annual interest rate as a percentage.
- Enter the loan term in years.
- Read the monthly payment, the total of all payments, and the total interest.
FAQ
- How is the monthly payment calculated?
- It uses the amortization formula, which spreads the loan and its interest into equal monthly payments. Each payment covers the interest for that month plus a part of the principal, and the split shifts toward principal over time.
- Does this work for a mortgage?
- Yes. The same formula applies to mortgages, car loans, and personal loans with a fixed rate and equal monthly payments. Enter the amount, rate, and term to estimate any of them.
- Why is the total interest so high on long loans?
- A longer term lowers the monthly payment but means you pay interest for more months, so the total interest rises. Shortening the term or lowering the rate reduces the overall interest.
- Does it include taxes, insurance, or fees?
- No. The calculator shows principal and interest only. Property taxes, insurance, and loan fees vary by lender and location and are not included in the estimate.
- Is my data sent anywhere?
- No. The calculation runs entirely in your browser with JavaScript. The values you enter are never transmitted, saved, or shared.