Loan Calculator
Estimate your monthly loan payment, total payment, and total interest based on the loan amount, interest rate, and repayment term.
The total amount of the loan.
Annual interest rate (e.g. 7 for 7%).
Enter as decimal for partial years.
For informational purposes only. Actual lender payments may vary.
Frequently Asked Questions
What factors determine my monthly loan payment?
Your monthly payment is driven by three things: the loan amount (principal), the annual interest rate, and the loan term (how long you have to repay). Changing any one of these will change your payment amount.
How is total interest calculated?
Total interest is the sum of all monthly payments minus the original loan amount. It represents the full cost of borrowing over the life of the loan and increases as interest rate or term lengthens.
What is the difference between a loan calculator and a mortgage calculator?
This loan calculator handles most installment loans — personal loans, auto loans, student loans — where you borrow a fixed amount and repay with equal monthly payments. A mortgage calculator includes additional features like down payment, property taxes, and an amortization schedule showing how each payment is split between principal and interest over time.
Does the loan term affect the total cost?
Yes. A longer loan term means lower monthly payments but more total interest paid over time. A shorter term means higher monthly payments but less total interest. For example, a 5-year auto loan will cost less in total interest than a 7-year loan at the same rate.