Free Loan Calculator
Enter any loan amount, annual interest rate and term to get the monthly payment, total interest, full cost of the loan and the estimated payoff date — everything you need to compare offers.
How to Use the Loan Calculator
- Enter the loan amount, annual rate and term.
- Click Calculate Loan.
- See the monthly payment, total interest and payoff date.
Features
Applies the standard amortizing-loan formula with monthly compounding and zero-rate handling, then derives lifetime interest, total repayment and the calendar payoff date.
Benefits & Use Cases
Car buyers, personal-loan shoppers and students compare lender offers on true cost, and borrowers test how shorter terms trade higher payments for far less interest.
Tips
Focus on total interest, not just the monthly payment — a low payment stretched over extra years can double what you pay. Always ask about fees the calculator can’t see.
Frequently Asked Questions
How is the monthly payment calculated?
With the amortizing loan formula: P × r(1+r)ⁿ / ((1+r)ⁿ − 1), using the monthly rate and payment count.
What is amortization?
Each payment covers that month’s interest plus a slice of principal, so the balance shrinks and later payments are principal-heavy.
Does it include fees or insurance?
No — origination fees, insurance and taxes are lender-specific, so add them to the amount for a fuller picture.
Fixed vs variable rate?
This calculator assumes a fixed rate for the whole term; variable rates would change payments over time.
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