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Loan Calculator
Work out the monthly payment, total interest and total cost of a fixed-rate loan before you sign. Adjust the amount, rate or term to see how each change affects what you pay.
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Every loan offer can be reduced to three honest numbers: the monthly payment, the total interest and the total you hand back. This calculator produces all three from the amount, rate and term, so loans from different lenders can be compared on the same terms.
How to use this calculator
- Enter the amount you want to borrow.
- Add the yearly interest rate.
- Enter the term in months or years.
- Press calculate to see the payment, total interest and total cost.
Borrow against the total, not the payment
A longer term makes any loan look affordable by shrinking the payment while interest quietly accumulates. When two offers differ, compare the total cost column first; the payment only tells you whether the month works, not whether the deal is good.
Frequently asked questions
What is the loan payment formula?
Payment = P × r × (1 + r)^n / ((1 + r)^n − 1), with P the amount, r the monthly rate and n the number of payments. The calculator applies it instantly.
How much of my payment is interest at the start?
Most of it. Interest is charged on the outstanding balance, which is highest at the beginning, so early payments reduce the balance slowly. Extra payments early on save the most.
Does a lower rate or a shorter term save more?
Both help. On long loans, a shorter term usually saves more interest; on short loans, the rate matters more. Test both changes in the calculator for your figures.