Loan Calculator
Calculate monthly payments, total interest, and total loan cost
About the Loan Calculator
Our free online loan calculator helps you estimate monthly payments, total interest, and overall loan cost. Works for mortgages, auto loans, personal loans, and student loans. Understand your financial commitment before borrowing.
How to Use
- Enter the total loan amount you plan to borrow
- Enter the annual interest rate as a percentage
- Enter the loan term in years
- Click "Calculate Loan" to see your estimated monthly payment, total cost, and total interest
Features
- Monthly payment calculation using amortization formula
- Total interest and total cost breakdown
- Works for any loan type and term
- 100% free, no registration required
Disclaimer: This calculator provides estimates only. Actual loan terms, rates, and payments may vary. Consult a financial advisor for personalized advice.
Frequently Asked Questions
Enter the loan amount, annual interest rate, and loan term in years. Click "Calculate Loan" to see your estimated monthly payment, total interest, and total cost.
We use the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where M is monthly payment, P is principal, r is monthly interest rate, and n is total payments.
Yes, this loan calculator works for mortgages, auto loans, personal loans, student loans, and any other fixed-rate installment loan.
Total interest equals the sum of all monthly payments minus the original loan amount. This shows the total cost of borrowing over the loan term.
Yes, our calculator uses precise mathematical formulas. However, actual loan terms may vary based on lender fees, credit score, and other factors. Always verify with your lender.