Loan Calculator

Estimate your monthly payment, total interest, and total cost for any installment loan.

Total amount you want to borrow.

Percentage, e.g. 5 for 5%.

Result—

Enter your values and calculate to see the result.

Formula used

M = P * [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]
where P = loan amount,
      r = monthly interest rate (annual rate ÷ 12 ÷ 100),
      n = number of monthly payments (years × 12)
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Worked example

Loan amount: $10,000   Rate: 5%   Term: 3 years (36 payments)

Monthly rate (r): 5 ÷ 12 ÷ 100 ≈ 0.004167   Payments (n): 36

Result: M ≈ $299.71 per month, totaling $10,789.56 with about $789.56 in interest.

Frequently asked questions

What kinds of loans does this calculator cover?

Any fixed-rate installment loan — personal loans, student loans, debt consolidation, and more — where you borrow a lump sum and repay it in equal monthly payments.

How is the monthly payment calculated?

It uses the standard amortization formula, spreading the loan amount across the term at the given monthly interest rate so each payment covers interest plus a portion of principal.

Does a longer term always cost more?

A longer term lowers the monthly payment but increases total interest, because you borrow the money for more time. A shorter term saves interest but raises the monthly cost.

Should I enter the APR or the interest rate?

Enter the rate that matches how your lender quotes the loan. For a true cost comparison, use the APR, which includes fees in addition to the nominal interest rate.