Loan Calculator
Free loan calculator: estimate your monthly payment, total interest paid and full repayment cost for any fixed-rate loan in seconds.
About this tool
Use this loan calculator to estimate your fixed monthly payment, the total interest you will pay and the full repayment amount for any personal, auto or debt-consolidation loan. Just enter the amount, the annual percentage rate and the term in years.
Understanding the true cost of a loan before signing is the single biggest money saver. Small differences in rate or term change the total interest by hundreds or thousands of dollars — use this tool to compare offers side by side.
FAQ
How is the monthly payment calculated?
Banks use the amortization formula: payment = P x r x (1+r)^n / ((1+r)^n - 1), where P is the principal, r the monthly rate and n the number of payments.
What affects the total interest?
The rate, the term length and how often you pay. Longer terms lower the monthly payment but increase total interest significantly.
Does this calculator handle fees?
No. Origination fees, insurance and taxes are excluded. Add them to the amount borrowed to get a closer estimate.