Loan Calculator
Loan Calculator estimates the fixed monthly payment on an amortized loan from the amount borrowed, the annual interest rate and the term. It also totals the interest you will pay and the overall cost.
Use it to compare offers or to see how the rate and term change what you pay each month.
How to use Loan Calculator
- 1
Enter the loan amount
Type how much you plan to borrow.
- 2
Enter the rate and term
Add the annual interest rate and the length of the loan in years.
- 3
Read the payment
The monthly payment, total interest and total paid appear instantly.
How loan payments work
An amortized loan is repaid in equal payments. Early payments are mostly interest; later ones are mostly principal. The standard formula derives a fixed payment from the principal, the monthly rate and the number of payments.
When the interest rate is zero, the payment is simply the principal divided by the number of months.
What changes the cost
A longer term lowers the monthly payment but increases the total interest, because you borrow for longer. A higher rate raises both.
This estimate covers principal and interest only. Real loans may add fees, insurance or a different compounding convention, so treat the figure as a close guide rather than an exact quote.
Frequently asked questions
- Does it include fees or insurance?
- No. The calculator covers principal and interest. Add any fees or insurance separately for a full cost.
- Is the payment monthly?
- Yes. It assumes 12 equal monthly payments per year for the chosen term.
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