Loan Calculator
Enter the loan amount, interest rate, and term to see your monthly payment and total cost.
About this calculator
This calculates a standard fixed-rate, fully amortizing loan — the same math used for auto loans, personal loans, and fixed-rate mortgages. Every payment is the same amount, but the mix shifts over time: early payments are mostly interest, later payments are mostly principal. This tool shows the totals across the full term, not a month-by-month schedule.
How is the monthly loan payment calculated?
This uses the standard amortization formula: M = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
Why is total interest so much higher on longer terms?
A longer term lowers the monthly payment but keeps more principal outstanding for more months, so interest accrues on a larger balance for longer, increasing total interest paid over the life of the loan.