Loan Calculator
Find the payment amount, total interest, and total cost for a fixed-rate loan. You can also compare a second option side by side.
| Loan amount | |
| Loan term | |
| Interest rate | % per year |
| Loan amount | |
| Loan term | |
| Interest rate | % per year |
Leave Option B blank or invalid if you don’t want a comparison.
Result
Your loan payment will appear here.
How this calculator works
A fixed-rate loan is usually repaid in equal payments. Each payment covers interest on the remaining balance plus a bit of principal (the amount you borrowed). Early on, more of each payment goes to interest; later, more goes to principal.
Formula
- Monthly interest rate: r = annual rate ÷ 12
- Number of payments: n = years × 12 (or months entered directly)
- Payment: M = P × r × (1+r)n ÷ ((1+r)n − 1), where P is the loan amount. If r = 0, then M = P ÷ n.
- Total paid = M × n, and total interest = total paid − P.
Worked example
Borrow $10,000 at 6% for 5 years: r = 0.005, n = 60, so the payment is about $193.33/month, total paid about $11,599.68, and interest about $1,599.68.
Assumptions and tips
- Assumes a fixed interest rate and equal payments on a regular schedule. Fees, insurance, taxes, and penalties are not included.
- Use the comparison option to see how a shorter term or lower rate can reduce total interest (often with a higher monthly payment).
- Extra payments toward principal can reduce interest and shorten the loan, but this basic estimate does not model them.
This is an estimate for general information only and not financial advice. Check actual terms with your lender.
How to use the Loan Calculator
It takes a few seconds, and every figure is calculated in your browser.
- Enter the loan amount.
- Enter the loan term.
- Enter the interest rate.
- Press Calculate — the result appears in the dark panel beside the form.
- Use Copy, CSV, Share or Print under the result if you want to keep it.
Loan Calculator — frequently asked questions
What formula does the Loan Calculator use?
Monthly interest rate: r = annual rate ÷ 12 Number of payments: n = years × 12 (or months entered directly) Payment: M = P × r × (1+r) n ÷ ((1+r) n − 1), where P is the loan amount. If r = 0, then M = P ÷ n. Total paid = M × n, and total interest = total paid − P.
How does the Loan Calculator work?
A fixed-rate loan is usually repaid in equal payments. Each payment covers interest on the remaining balance plus a bit of principal (the amount you borrowed). Early on, more of each payment goes to interest; later, more goes to principal.
What assumptions and limitations should I know about?
Assumes a fixed interest rate and equal payments on a regular schedule. Fees, insurance, taxes, and penalties are not included. Use the comparison option to see how a shorter term or lower rate can reduce total interest (often with a higher monthly payment). Extra payments toward principal can reduce interest and shorten the loan, but this basic estimate does not model them.
Can you walk through a worked example?
Borrow $10,000 at 6% for 5 years: r = 0.005, n = 60, so the payment is about $193.33/month, total paid about $11,599.68, and interest about $1,599.68.
Last updated 10 November 2026 · Formula, worked example and assumptions are documented above, and every result is calculated in your browser.