Loan Calculator - Payment & Interest
FinanceMonthly payment, total interest, and amortization schedule.
Estimate the true cost of a loan in three quick fields. The result helps you budget, compare offers, and decide whether extra payments are worth it.
What is Loan Calculator?
Estimate your monthly payment, total interest cost, and the full amortization schedule for any fixed-rate loan — car loans, personal loans, or mortgages. Small differences in rate or term move the total cost by thousands, so comparing offers side by side before signing is the single most valuable thing you can do. The calculator also shows how one extra payment per year shortens the loan and cuts interest. All math runs locally; your financial details are never sent anywhere.
Last updated: September 2026
How to use Loan Calculator
- 1Enter the Loan Amount — the total you plan to borrow (for example 10000).
- 2Enter the Annual Rate (%) — the yearly interest rate quoted by the bank (for example 6.5).
- 3Enter the Term (Months) — how long you will take to repay (for example 36).
Formula
M = P × r(1+r)^n / ((1+r)^n − 1)
Example
A $10,000 loan at 6.5% for 36 months → monthly payment ≈ $306.50.
FAQs
How is the monthly payment calculated?
With the standard annuity formula: M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r the monthly interest rate, and n the number of payments. The calculator applies it instantly.
How much do extra payments save?
Extra payments go straight to the principal, which shortens the term and removes all the interest that principal would have accrued — often thousands over the life of the loan.
Does it include insurance and fees?
The calculator covers principal and interest, the core of any fixed-rate loan. Add insurance or fees on top when budgeting your real monthly cost.
