Loan Calculator
Calculate monthly payments and total interest on a loan.
391.32
Monthly payment
3,479.38
Total interest
23,479.38
Total repayment
How to use this tool
- 1Enter the loan amount you want to borrow.
- 2Enter the annual interest rate (APR).
- 3Set the loan term in years.
- 4See your monthly payment, total interest, and total repayment instantly.
Frequently asked questions
How is the monthly payment calculated?
It uses the standard amortization formula: M = P * r(1+r)^n / ((1+r)^n - 1), where P is the principal, r the monthly rate, and n the number of payments.
Does this work for mortgages and car loans?
Yes. Any fixed-rate amortized loan works: mortgages, auto loans, personal loans, and student loans. It doesn't cover taxes, insurance, or fees.