Calculate a loan payment
Free · no signup · runs entirely in your browser
Open the tool →A monthly loan payment is easier to judge when you can also see what the whole term costs. Enter the loan amount in dollars, the annual interest rate as a percentage, and the term in years. Press CALCULATE to see the monthly payment, total payment, and total interest. This calculator is free, needs no signup, and runs in your browser. It gives you three numbers without making you hunt through a spreadsheet. Change any of the three inputs and calculate again to compare another set of loan terms. The labels stay in dollars.
The calculation uses the standard formula for a fixed-rate amortising loan. It turns the annual rate into a monthly rate, turns years into months, and calculates one level monthly payment across that term. The total payment is that payment over all the months; total interest is the amount above the principal. Displayed amounts are rounded to cents and use a $ label. That makes the result useful for comparing the basic effect of a different amount, rate, or term. A longer term can lower the monthly payment while raising total interest, so read all three outputs together.
These figures describe the loan inputs you entered, not every charge that might appear in a real offer. The calculator has no fields for fees, taxes, or insurance, and it does not show an amortisation table or model extra payments. If a lender's quote includes those costs or a different repayment structure, its payment can differ. Treat this as a quick estimate for a fixed-rate loan, then check the actual loan terms before making a decision. The arithmetic is straightforward; the paperwork, as usual, may be less so. For a useful comparison, keep the assumptions consistent: compare the same principal and term when you change the rate, or the same principal and rate when you change the term. Then look at both the monthly amount and the total interest.
How to use it
- Enter the loan amount in dollars.
- Enter the annual interest rate and term in years.
- Press CALCULATE to see payment and interest totals.
Worked example
For a $10,000 loan at 7% annual interest over five years, enter 10000, 7, and 5, then press CALCULATE. The standard fixed-rate calculation gives a monthly payment of about $198.01, a total payment of about $11,880.72, and total interest of about $1,880.72. The displayed figures are rounded to cents. They describe principal and interest for those inputs; the calculator has no fields for fees, taxes, or insurance, so a lender's full quote may be different.
FAQ
What does the loan calculator show?
It shows the monthly payment, total payment, and total interest for the loan amount, annual interest rate, and term in years that you enter.
How is the monthly payment calculated?
It uses standard fixed-rate amortisation: monthly rate is the annual rate divided by 12, the number of payments is years times 12, and the payment is P·r(1+r)^n / ((1+r)^n − 1).
Does the estimate include fees, taxes, or insurance?
No. The calculator has no inputs for those costs; its figures cover the entered loan amount and interest rate.
Can I see an amortisation table or add extra payments?
No. The calculator provides the three payment and interest totals only.
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