Free Online Loan Calculator

About Loan Calculator

Any fixed-rate installment loan — a personal loan, a car loan, a student loan, general business financing — follows the same underlying amortization math: a fixed monthly payment calculated so the loan is fully paid off, principal and interest combined, by the end of the term. This tool calculates that exact monthly payment for any loan amount, interest rate, and term.

The calculation uses the standard loan amortization formula, the same one lenders use to generate the payment figure on a loan offer or pre-approval letter. Beyond the monthly payment, the tool shows the total interest you'll pay over the full life of the loan and the total amount repaid — numbers that matter just as much as the monthly payment when evaluating whether a loan is actually a good deal.

Comparing two loan offers side by side often reveals a real tradeoff: a longer term typically means a lower, more affordable monthly payment, but meaningfully more total interest paid over the life of the loan. This tool makes that tradeoff visible by showing both numbers together, rather than just the monthly payment figure that's usually advertised most prominently.

This is useful for budgeting before taking out a loan, comparing offers from different lenders with different rates or terms, or simply understanding what a loan you're already considering will actually cost beyond the monthly payment amount.

How it works

1. Enter the loan amount. The principal you're borrowing.
2. Enter the annual interest rate and loan term. The rate offered and how many years you'll be repaying.
3. View your monthly payment and total cost. See the fixed monthly payment, total interest, and total repayment instantly.