Loan Calculator
Calculate your monthly loan payment, total interest paid, and see a full amortization schedule. Works for personal loans, car loans, student loans, and more.
💰 Loan Details
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How to Use the Loan Calculator
Our free loan calculator helps you understand the full cost of borrowing before you sign anything. Whether you're taking out a personal loan, financing a car, or taking a student loan, three numbers drive all the math: principal, interest rate, and term.
- Loan Amount (Principal): The total amount you're borrowing — before interest.
- Annual Interest Rate: The yearly interest rate as a percentage. Use the rate quoted by your lender (not APR, unless you want to include fees in the calculation).
- Loan Term: How long you have to repay the loan. Shorter terms mean higher monthly payments but less total interest. Longer terms lower monthly payments but significantly increase total cost.
The Loan Payment Formula
M = P × r(1+r)^n / ((1+r)^n − 1)Where:
M = Monthly payment
P = Principal (loan amount)
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Number of monthly payments (term in months)
Example: $10,000 Loan at 6.5% for 36 Months
Monthly rate = 6.5% / 12 / 100 = 0.005417. Payment = 10,000 × 0.005417 × (1.005417)^36 / ((1.005417)^36 − 1) = $306.49/month. Total paid: $11,033.64. Total interest: $1,033.64.
Frequently Asked Questions
Enter your loan amount, annual interest rate, and loan term, then click Calculate. The tool instantly shows your monthly payment, total interest charged, and total amount you will pay over the life of the loan.
The monthly payment formula is: M = P × r(1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate (annual rate divided by 1200), and n is the number of monthly payments.
An amortization schedule shows each monthly payment broken down into principal and interest portions. In early months, most of the payment goes to interest. As the loan matures, more goes toward reducing the principal balance.
Yes. Enter the car price minus any down payment as the loan amount, the dealer's interest rate, and the term (typically 36, 48, or 60 months) to calculate your exact monthly car payment.
The difference is significant. On a $20,000 loan over 5 years, moving from 4% to 7% APR adds over $1,600 in total interest. Always shop for the lowest rate possible.
The interest rate is the annual cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus additional fees and costs, making it a more complete measure of the total loan cost. Our calculator uses the rate you enter directly.