Loan Calculator

Calculate monthly loan payments and interest.

About this tool

Use this Loan Calculator to estimate monthly payments, total interest, and payoff schedule for any loan. Works for auto loans, personal loans, student loans, and more.

How to use

  1. Enter the loan amount.
  2. Enter the annual interest rate.
  3. Enter the loan term in months or years.
  4. View the monthly payment and total interest.

Examples

Input: $20,000 at 5% for 5 years
Output: $377.42/month, $2,645.48 total interest
Input: $10,000 at 8% for 3 years
Output: $313.36/month, $1,281.13 total interest

FAQ

What formula is used?

This uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n – 1].

Does this include taxes and fees?

No, this calculates principal and interest only. Your actual payment may vary with taxes and fees.