Loan Calculator
Free loan calculator. Enter the loan amount, annual interest rate, and term (in years or months) to instantly see your monthly payment, total interest, and total amount paid.
This loan calculator estimates the monthly payment on a fixed-rate loan such as a personal loan, auto loan, or student loan. Enter the loan amount, the annual interest rate, and the term — choose years or months — and the results update live as you type, entirely in your browser.
Payments are calculated using the standard amortization formula M = P · r · (1 + r)n / ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments. Alongside the monthly payment you also see the total interest paid and the total amount repaid over the full term.
Frequently asked questions
Can I enter the term in months?
Yes. Use the unit selector next to the term field to switch between years and months — the calculation updates automatically.
What loans does this work for?
Any fixed-rate, fully amortizing loan: personal loans, auto loans, student loans, and similar. It assumes equal monthly payments over the term.
How is total interest calculated?
Total interest is the sum of all monthly payments minus the original loan amount, representing the interest cost over the life of the loan.
Does it handle a 0% interest rate?
Yes. With a 0% rate the monthly payment is simply the loan amount divided by the number of payments.
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