Free Online Loan Calculator
Calculate monthly payments, total interest, and payoff for any loan.
Processing fees, origination charges, or closing costs paid at the start.
Payments are calculated on a fixed-rate, fully amortizing loan. Fees are added to the total cost but are not financed.
Yearly repayment breakdown
| Year | Principal paid | Interest paid | Balance |
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About the Loan Calculator
This calculator turns a loan amount, an interest rate, and a term into a fixed monthly payment. It also shows the total interest you will pay over the life of the loan, the total cost including optional upfront fees, and an estimated payoff date based on payments starting this month. It works for personal loans, auto loans, and other fixed-rate installment loans.
The amortization formula
The monthly payment is calculated with the standard annuity formula: M = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the amount borrowed, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments. When the interest rate is zero, the payment is simply the loan amount divided by the number of months. Each payment is split into interest on the remaining balance and principal repayment, so early payments are interest-heavy and later payments are principal-heavy.
Understanding total cost
Total interest is the sum of every payment minus the principal. Total cost adds any upfront fees you enter, so it reflects the real cash outlay rather than just the loan itself. A low monthly payment can still be expensive if the term is long, which is why the total interest figure matters as much as the monthly figure.
Frequently asked questions
Are fees included in the monthly payment?
No. The fees you enter are added to the total cost as a one-time upfront expense. If your lender rolls fees into the loan balance, add them to the loan amount instead.
Does a longer term reduce the cost?
No. A longer term reduces the monthly payment but increases total interest, because you are borrowing the money for more months.
What about variable-rate loans?
This tool assumes a fixed rate for the whole term. On a variable-rate loan the payment can change whenever the reference rate changes.