Loan Calculator
Calculate monthly loan payments, total interest paid, and total cost. Supports any loan amount, rate, and term. Free.
Loan details
Monthly payment
$1,419.47
Total interest
$261,010.1
Total paid
$511,010.1
How this is calculated: The monthly payment uses the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments.
Why use our Loan Calculator?
Standard amortization formula
Uses the same formula banks use to calculate your monthly payment.
Total cost breakdown
See how much of your total payment goes to principal vs. interest.
Instant results
Results update in real time as you adjust the inputs.
How to use Loan Calculator
- 1
Enter the loan amount (the total you're borrowing).
- 2
Enter the annual interest rate as a percentage (e.g., 5.5 for 5.5%).
- 3
Enter the loan term in years (e.g., 30 for a 30-year mortgage).
- 4
The monthly payment, total interest, and total cost appear instantly.
About Loan Calculator
The Loan Calculator computes the monthly payment for a fixed-rate amortizing loan — the kind used for most mortgages, auto loans, and personal loans. Enter the loan amount, annual interest rate, and loan term in years, and the calculator shows the monthly payment, total amount paid over the life of the loan, and total interest paid. This helps you compare loan offers, understand the true cost of borrowing, and plan your budget. The calculator uses the standard amortization formula and runs entirely in your browser, so your financial information stays private.
Privacy
All calculation happens entirely in your browser. Your financial information is never sent to any server.
Limitations
Calculates principal and interest only — does not include taxes, insurance, PMI, or fees. Assumes a fixed-rate amortizing loan with equal monthly payments.