Loan Calculator
This loan calculator works out the monthly payment, total amount repaid and total interest for a fixed-rate amortizing loan, such as a personal loan, car loan or mortgage. Enter the amount, annual interest rate and term in years.
About this tool
This loan calculator works out the monthly payment, total amount repaid and total interest for a fixed-rate amortizing loan, such as a personal loan, car loan or mortgage. Enter the amount, annual interest rate and term in years.
How to use it
- Choose your currency and enter the loan amount.
- Enter the annual interest rate in percent.
- Set the loan term in years.
- Read the monthly payment, total payment and total interest.
Good to know
- The monthly payment uses the standard amortization formula M = P × r(1 + r)^n / ((1 + r)^n − 1), with r the monthly rate (annual rate ÷ 12) and n the number of monthly payments.
- Example: a 20,000 loan at 5% over 5 years costs about 377.42 per month and about 2,645.48 in total interest.
- At a 0% rate the payment is simply the amount divided by the number of months.
- The fourth result shows total interest as a percentage of the amount borrowed, not the loan's interest rate.
Runs entirely in your browser — nothing you enter is uploaded or stored.
Frequently asked questions
How is a monthly loan payment calculated?
It uses the amortization formula M = P × r(1 + r)^n / ((1 + r)^n − 1), where P is the amount borrowed, r the monthly interest rate and n the number of payments. Every payment is the same size and covers interest first, then principal.
Does a longer term lower the cost of a loan?
A longer term lowers the monthly payment but usually raises the total interest you pay, because the balance stays outstanding for longer.
Does this include fees or insurance?
No. The result covers principal and interest only. Origination fees, insurance or other charges would add to the real cost.
Can I use it for a mortgage?
Yes, for the principal-and-interest part of a fixed-rate mortgage. The dedicated mortgage calculator also handles the home price, down payment and a payment schedule.