Loan Calculator
Work out monthly payments, total interest, and payoff timeline for any loan amount.
Loan term
Loan type
How it works
M = P × [r(1 + r)^n] / [(1 + r)^n − 1] M = Monthly payment P = Principal (loan amount) r = Monthly interest rate (annual ÷ 12 ÷ 100) n = Total number of payments (term in months) Total Interest = (M × n) − P Interest % = (Total Interest ÷ P) × 100
Enter your loan amount, interest rate, and desired term (in months or years). Select your loan type for context, and the calculator instantly shows your monthly payment, total interest, and remaining balance over time. Compare different terms side-by-side to find the right balance between monthly payment and total interest. Use the extra payment section to see how small additions reduce interest and accelerate payoff.
Why this matters
Loans are how most people access large amounts of money—for cars, education, personal expenses, or business. But the numbers are often unclear: what's the true cost? How much is interest vs. principal? What if I pay faster? This calculator makes it transparent. It shows not just your monthly payment but the full cost of borrowing, the interest as a percentage of the loan, and—critically—how even small extra payments can save thousands in interest and months of payments. Knowledge is power when you're borrowing.
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Learn more
The complete guide to loan calculator
Formulas, examples, and tips explained in plain English