Loan Calculator

Monthly payment, total interest, and total cost for any loan.

Loan amount ($)

Annual interest rate (%)

Loan term

Term unit

About this calculator

This calculator uses the standard amortized loan formula to compute your monthly payment. It works for any fixed-rate loan: personal loans, car loans, mortgages, student loans, and more.

For a 0% interest loan, it simply divides the principal evenly across the term.

How to use it

Enter the loan amount (principal).
Enter the annual interest rate. For 0% financing, enter 0.
Enter the loan term and select years or months.
Click Calculate.

FAQ

Does this account for extra payments?: No. This is a standard amortization calculation for fixed monthly payments. Extra payments would reduce the effective term and total interest.
Does it include taxes and insurance?: No. For mortgages, taxes and insurance (PITI) would be added on top of the calculated principal and interest payment.
What formula does it use?: Standard amortization: M = P[r(1+r)^n] / [(1+r)^n − 1], where P = principal, r = monthly rate, n = number of payments.