Loan Calculator
Estimate the monthly payment, total interest and total cost of any fixed-rate loan or mortgage. Enter your numbers and see the breakdown update instantly.
How loan repayment works
A fixed-rate loan is repaid in equal monthly installments over its term. Early on, most of each payment goes toward interest; over time, more goes toward the principal. This process is called amortization. The longer the term, the lower the monthly payment — but the more total interest you pay.
How to use this calculator
- Loan amount — how much you're borrowing.
- Annual interest rate — your quoted APR as a percentage.
- Loan term — how many years you have to repay.
The results update instantly so you can compare scenarios — try a shorter term or a lower rate to see how much interest you'd save.
Tips for borrowing smart
- A shorter term means higher monthly payments but far less interest.
- Even a small rate reduction can save thousands over a long loan.
- Extra payments toward principal shorten the loan and cut interest.
Frequently asked questions
How is the monthly loan payment calculated?
It 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 number of months. The calculator handles 0% interest as a simple division too.
What's the difference between principal and interest?
Principal is the amount you borrow. Interest is the cost of borrowing it, charged as a percentage of the outstanding balance over time. Total interest is everything you pay on top of the principal.
Does this work for mortgages, car loans and personal loans?
Yes. Any fixed-rate, fully-amortizing loan follows the same math — just enter the amount, annual rate and term in years.
Is my financial information private?
Completely. Every calculation runs locally in your browser. Nothing you type is uploaded or stored.