Loan Calculator
Calculate your monthly loan payment, total interest paid, and full repayment amount. Works for personal loans, auto loans, and any fixed-rate installment loan.
Part of our Finance Calculators collection.
Loan Calculator
Free online calculator
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Results update automatically as you type
How to Use This Calculator
- 1
Enter the total loan amount.
- 2
Enter the annual interest rate from your loan offer.
- 3
Enter the loan term in months (60 = 5 years).
- 4
View monthly payment and total interest paid.
Loan Payment Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n − 1] P = principal, r = monthly rate (annual / 12), n = number of payments.
Example Calculation
Example: $20,000 at 8.5% for 60 months
Inputs
loanAmount: 20000annualInterestRate: 8.5loanTermMonths: 60
Result
$410.46/month | $4,627.60 total interest
A $20,000 loan at 8.5% for 5 years = $410.46/month and $4,627.60 in total interest.
Frequently Asked Questions
What's the difference between APR and interest rate?
The interest rate is the base borrowing cost. APR includes fees, giving a more complete picture of the loan's true cost.
How can I reduce total interest?
Make extra principal payments, choose a shorter term, or refinance to a lower rate.