Loan Calculator
Estimate your monthly payment based on loan amount, interest rate, and repayment term, helping you understand the cost of borrowing.
$1342.05
Monthly
$483139.46
Total
$233139.46
Interest
About the Loan Calculator
A loan calculator estimates your monthly payment based on the loan amount, interest rate, and repayment term, helping you understand the cost of borrowing before you commit.
The loan payment formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
M= monthly payment
P= loan amount
r= monthly interest rate (annual rate divided by 12)
n= total number of payments (term in years × 12)
How to use
1
Enter the loan amount, interest rate, and repayment term.
2
View your estimated monthly payment and total interest paid.
3
Adjust the term or rate to compare different scenarios.
Worked examples
Example calculation
A $25,000 auto loan at 7.2% annual interest over 5 years.
Input
P = $25,000, r = 0.072/12, n = 60
Result
Monthly payment ≈ $497
Total repaid over 5 years is roughly $29,820, meaning about $4,820 in total interest.
Frequently asked questions
Does this include fees charged by the lender?
No, this calculates payments based only on principal, rate, and term. Origination fees or other charges would need to be added separately.
How does a shorter loan term affect my payment?
A shorter term generally means a higher monthly payment but less total interest paid over the life of the loan.
Explore more tools in the Calculators category.