Loan Calculator
Work out exactly what a loan will cost you before you sign anything. This free loan calculator shows your monthly payment, how much of it goes to interest, and the true total cost of borrowing — for personal loans, auto loans, student loans or any fixed-rate installment loan.
How to use
- Enter the loan amount you plan to borrow.
- Enter the annual interest rate your lender quoted (e.g. 7.5 for 7.5%).
- Enter the loan term in years.
- The monthly payment, total interest and total cost update instantly — no button needed.
Frequently asked questions
How is the monthly loan payment calculated?
The calculator 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 (annual rate ÷ 12) and n is the total number of payments.
Does this include fees or insurance?
No. The result is based on the interest rate alone. Origination fees, insurance or prepayment penalties are not included — ask your lender for the APR if you want fees reflected.
Can I use this for a car or student loan?
Yes. Any fixed-rate, fixed-term installment loan works the same way mathematically, so the results apply to car loans, student loans, personal loans and mortgages.
Pre-calculated answers
Skip the typing — we already ran the loan calculator for the most common questions: