Loan Calculator
Compute the monthly payment, total amount paid, and total interest for any fixed-rate installment loan from the loan amount, APR, and term.
Monthly payment
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Total paid
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Total interest
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How It Works
The monthly payment uses 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 (APR divided by 12), and n is the number of monthly payments.
Total paid is the monthly payment times the number of months. Total interest is total paid minus the loan amount — the cost of borrowing on top of the principal.
If the APR is zero, the formula simplifies to dividing the loan amount evenly across all months, since there is no interest to compound.
Frequently Asked Questions
What types of loans does this work for?
Any fixed-rate installment loan with equal monthly payments: personal loans, auto loans, student loans, and fixed-rate mortgages.
Does this include fees or insurance?
No. It covers principal and interest only. For mortgages, use the mortgage calculator to include property tax, insurance, and PMI.
How does a shorter term affect the payment?
A shorter term raises the monthly payment but lowers total interest, because the principal is paid off faster and interest has less time to accrue.