Loan Calculator
Enter a loan amount, an annual interest rate, and a term in years to see the monthly payment, the total you'll repay, and how much of that is interest. The numbers update the moment you change a field.
Estimate only. Figures assume a fixed rate with equal monthly payments and exclude taxes, insurance, fees, and any extra or early payments.
About this loan calculator
This calculator works out the fixed monthly payment for an amortizing loan — the kind used for most mortgages, car loans, and personal loans. With an amortizing loan every payment is the same size, but the split shifts over time: early on most of it is interest, and as the balance falls more goes to principal. It also totals the interest you'll pay across the whole term, which is often the most eye-opening number.
How to use it
- Enter the loan amount you plan to borrow (the principal).
- Enter the annual interest rate as a percentage — for example
6.5for 6.5% APR. - Enter the term in years; the tool converts it to monthly payments internally.
- Read off the monthly payment, then check the breakdown for total interest and total cost.
The formula
Payments use the standard amortization formula M = P · r · (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal, r is the monthly rate (annual rate ÷ 12 ÷ 100), and n is the number of months. At a 0% rate it falls back to P ÷ n, an equal split with no interest.
Is my information private?
Completely. Nothing is sent anywhere — the math runs in your browser and your figures are never uploaded, stored, or shared. There is no account and no tracking of what you enter.
Does this include taxes, insurance, or fees?
No. It's a pure principal-and-interest estimate. Real mortgage payments often add property tax, homeowners insurance, PMI, and HOA dues; loans may carry origination or processing fees. Add those separately to gauge your true monthly cost.
Is the rate APR or a nominal rate?
It treats the figure you enter as a nominal annual rate compounded monthly, which matches how most loan payments are quoted. A true APR that folds in fees would give a slightly higher effective cost.
Why does so much of the total go to interest?
Because interest is charged on the outstanding balance every month, a longer term means you carry the balance longer and pay more interest overall. Shortening the term or making extra payments toward principal both cut the total interest substantially.