Loan CalculatorFree online financial calculator — instant results, no sign-up
Payment, total cost and interest on any amortized loan.
Estimates only, based on the inputs and assumptions shown. This is not financial, investment, tax, or legal advice. Prices, rates and local rules may change; crypto scenarios do not predict returns. Confirm important decisions with a qualified professional.
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How the result changes with loan amount
Each row below was calculated with this tool, keeping every other input at its default and changing only loan amount from half to one and a half times the default value. Use it to see how sensitive the answer is before you enter your own numbers.
| Loan amount ($) | Monthly payment | Total of payments | Total interest |
|---|---|---|---|
| 10,000 | $198.01 | $11,880.72 | $1,880.72 |
| 15,000 | $297.02 | $17,821.08 | $2,821.08 |
| 20,000 (default) | $396.02 | $23,761.44 | $3,761.44 |
| 25,000 | $495.03 | $29,701.80 | $4,701.80 |
| 30,000 | $594.04 | $35,642.16 | $5,642.16 |
About the Loan Calculator
This calculator computes the fixed monthly payment, total repayment amount, and overall interest cost for a standard amortized loan. It is designed for borrowers evaluating auto loans, personal loans, fixed-rate mortgages, or student debt.
- Loan amount
- The initial principal balance borrowed, entered in dollars (typically $500 to $1,000,000).
- Interest rate
- The annual nominal interest rate as a percentage (typically 0% to 35%).
- Term
- The duration of the loan repayment period in years (converted internally to total months by multiplying by 12).
Formula and method
M = P × [r(1 + r)^n] / [(1 + r)^n − 1] Total Payments = M × n Total Interest = Total Payments − P
- MFixed monthly payment
- PPrincipal loan amount
- rMonthly interest rate (Annual interest rate ÷ 100 ÷ 12)
- nTotal number of monthly payments (Term in years × 12)
The tool converts the annual interest rate into a monthly decimal rate and multiplies the term years by 12 to find the total payment periods. It applies standard fixed-rate amortization to compute the monthly payment, rounds payments to two decimal places, and determines total interest by subtracting the starting principal from total lifetime payments.
Worked example
These are the calculator's starting values and the results it actually produces for them.
Inputs
- Loan amount20000 $
- Interest rate7 %
- Term5 years
Results
- Monthly payment$396.02
- Total of payments$23,761.44
- Total interest$3,761.44
How to use the Loan Calculator
- 1Multiply the loan term in years by 12 to obtain the total monthly payment count (n).
- 2Divide the annual interest rate percentage by 1,200 to obtain the monthly periodic rate (r).
- 3Apply the fixed amortization formula to calculate the monthly payment amount.
- 4Multiply the monthly payment by n and subtract the original loan amount to find the total interest cost.
Reading your result
The monthly payment shows the exact regular cash outflow required each month to clear the debt on schedule. The total of payments and total interest highlight the cumulative long-term cost of borrowing, illustrating how much you pay beyond the original principal balance.
Limitations
This calculation assumes a fixed interest rate with regular, on-time monthly payments and does not factor in loan origination fees, closing costs, prepayment penalties, or adjustable interest rates. It also does not include property taxes, insurance, or escrow charges commonly associated with mortgages.
Common questions
What happens if the interest rate is 0%?+
When the interest rate is zero, there is no interest charge; the monthly payment is simply the total loan amount divided by the total number of months, and total interest equals $0.00.
How does increasing the loan term affect total interest?+
A longer term lowers your required monthly payment because the principal is spread over more months, but it significantly increases total interest paid over the life of the loan.
Are property taxes and home insurance included in this calculation?+
No. The calculator computes standard principal and interest (P&I) only. It does not include supplemental costs like homeowner insurance, private mortgage insurance (PMI), or property taxes.
Does the calculator save my information?+
Calculations run in your browser. While signed in, inputs and results are automatically recorded in account history; saving a result creates a separate saved record.
Further reading
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Results are estimates for informational purposes and are not financial, medical or legal advice.