Loan Calculator
Estimate monthly payments, total interest, and total cost for a fixed-rate loan.
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About this calculator
This calculator uses the standard amortization formula for a fixed interest rate and equal monthly payments. It is suitable for personal loans, auto loans, and a first look at mortgage payments before taxes and insurance.
How to calculate
Enter the loan amount, annual interest rate, and term in years. The result is the monthly payment, plus total interest and total amount repaid over the life of the loan.
r = annual rate / 12
n = years × 12
M = P × r(1 + r)ⁿ / ((1 + r)ⁿ − 1)
Examples
A $10,000 loan at 6% for 5 years
Monthly rate is 0.5%. The payment is about $193.33, with roughly $1,599.80 in total interest.
FAQ
Does this include taxes or insurance?
No. The payment is principal and interest only. Mortgage escrow items such as tax and insurance are extra.
What happens if the interest rate is zero?
The payment is simply the principal divided by the number of months.