Loan Calculator
Estimate your monthly loan payment, total payment, and total interest based on the loan amount, interest rate, and repayment term.
The total amount of the loan.
Annual interest rate (e.g. 7 for 7%).
Enter as decimal for partial years.
For informational purposes only. Actual lender payments may vary.
Learn More About Loan Calculator
What this loan calculator shows
This calculator estimates the payment for a fixed-rate installment loan. It combines the loan amount, annual interest rate, and term to show your recurring payment plus the total amount repaid over the full schedule.
It is useful for personal loans, auto loans, student loans, and other borrowing where you repay the balance in regular installments. It does not include lender fees, penalties, or variable-rate adjustments.
Example loan scenario
Imagine borrowing $20,000 at 7% interest for 5 years. Your monthly payment would be roughly $396, and your total repayment would be just under $23,800. The difference between the original loan and total repayment is your total interest cost.
If you stretch the same loan over a longer term, your monthly payment drops, but you typically pay more interest overall. That tradeoff is what makes side-by-side comparisons so useful.
How to use the results
Start by identifying a monthly payment that fits comfortably within your budget. Then compare how much total interest you would pay under different rates and terms.
If two loans have similar payments, the lower total cost is often the better deal. You can also use the numbers here as a baseline before reviewing lender fees and prepayment options.
Sources and references
This calculator uses fixed-payment installment-loan math. It is most useful for loans with a stable interest rate and a known repayment term, but it does not include origination fees, add-ons, or penalties that can change the true cost of borrowing.
Frequently Asked Questions
What factors determine my monthly loan payment?
Your monthly payment is driven by three things: the loan amount (principal), the annual interest rate, and the loan term (how long you have to repay). Changing any one of these will change your payment amount.
How is total interest calculated?
Total interest is the sum of all monthly payments minus the original loan amount. It represents the full cost of borrowing over the life of the loan and increases as interest rate or term lengthens.
What is the difference between a loan calculator and a mortgage calculator?
This loan calculator handles most installment loans — personal loans, auto loans, student loans — where you borrow a fixed amount and repay with equal monthly payments. A mortgage calculator includes additional features like down payment, property taxes, and an amortization schedule showing how each payment is split between principal and interest over time.
Does the loan term affect the total cost?
Yes. A longer loan term means lower monthly payments but more total interest paid over time. A shorter term means higher monthly payments but less total interest. For example, a 5-year auto loan will cost less in total interest than a 7-year loan at the same rate.