Loan Calculator
Calculate the monthly payment and total interest for any fixed-rate loan in seconds.
Use calculatorQuestions & answers
Try an example — choose a starting point, then adjust the inputs.
How to Use the Loan Calculator
Enter the loan amount, the annual interest rate, and the loan term in years. The calculator instantly shows your fixed monthly payment, the total interest you'll pay, and the total cost of the loan.
Which rate should I enter?
Use the annual interest rate from your loan terms. APR can also include fees, so entering APR as the interest rate may not reproduce the lender's payment. This calculator assumes equal monthly payments, a fixed rate, and no fees, insurance, taxes, or balloon payment. See the CFPB explanation of interest rate and APR.
At 0% interest, divide the amount borrowed by the number of payments. A $12,000 loan over 24 months is $500 per month. Terms are rounded to the nearest whole month; displayed totals use unrounded payments, so a lender's final payment may differ slightly.
The Loan Payment Formula
M = monthly payment · P = loan amount
r = monthly rate (annual ÷ 12) · n = number of months
Example Calculation
For a $25,000 loan at 8% annual interest for 5 years: monthly rate = 0.667%, payments = 60, giving a monthly payment of $506.91, total interest of about $5,414.59, and a total cost of $30,414.59.
Monthly Payment by Term ($25,000 at 8%)
| Term | Monthly Payment | Total Interest |
|---|---|---|
| 3 years | $783.41 | $3,202.73 |
| 4 years | $610.32 | $4,295.51 |
| 5 years | $506.91 | $5,414.59 |
| 6 years | $438.33 | $6,559.83 |
Disclaimer: Estimates only, not financial advice. Actual loan terms vary by lender.