Loan Calculator

Find the monthly payment and the true total cost of any fixed-rate loan — personal, student, debt-consolidation or buy-now-pay-later.

Calculator

Loan amount ($)Annual interest rate (%)Term (years)

What this loan calculator does

A loan offer is usually advertised as a monthly payment, but the number that should drive your decision is the total you repay. This loan calculator takes the amount you borrow, the interest rate and the term, then shows your fixed monthly payment and the total interest you will pay across the whole loan. It works for any fully amortizing fixed-rate loan: personal loans, student loans, debt-consolidation loans, home-improvement loans and most installment financing.

Seeing the total interest in dollars — not just a percentage — is the fastest way to understand whether a loan is good value. A "low" 9% rate over five years still adds thousands to a $15,000 loan, and stretching the term to lower the monthly payment quietly increases that figure. The calculator makes the trade-off visible before you commit.

How to use it

Loan amount — the principal you will actually receive, before any fees.
Annual interest rate — the APR the lender quoted (use the APR, not just the nominal rate, to capture fees).
Term — how many years you will repay over.
Calculate — read the monthly payment and the total interest, then adjust the term or rate to compare.

The formula behind it

M = P · r · (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P = loan amount, r = monthly rate (annual ÷ 12), n = number of payments (years × 12).

This is the same amortization formula used for mortgages. The lender charges interest on whatever balance is still outstanding, so in the early months a larger slice of your fixed payment goes to interest; as the balance falls, more goes to principal. The monthly payment itself stays constant, which is what makes budgeting predictable.

Worked examples

Example 1 — Personal loan. $15,000 at 9% over 5 years gives a monthly payment of about $311 and total interest of roughly $3,682. You repay about $18,682 in total.

Example 2 — Same loan, longer term. Stretch the same $15,000 at 9% to 7 years and the payment drops to about $241 — easier monthly, but total interest climbs to about $5,250. The lower payment costs you roughly $1,570 extra.

Example 3 — A better rate. $15,000 over 5 years at 6% instead of 9% lowers the payment to about $290 and cuts total interest to about $2,400 — a saving of nearly $1,300 just from a lower rate.

How rate and term change the cost

Amount	Term	Rate	Monthly	Total interest
$15,000	3 yr	9%	$477	$2,172
$15,000	5 yr	9%	$311	$3,682
$15,000	7 yr	9%	$241	$5,251
$15,000	5 yr	6%	$290	$2,400
$15,000	5 yr	12%	$334	$5,020

Fixed-rate, fully amortizing loan. Origination or late fees not included.

Common uses

Comparing lenders — run each quote to see the real monthly and total difference.
Debt consolidation — check whether one new loan beats the combined payments of several debts.
Affordability — find the term that fits your budget without overpaying on interest.
Early-payoff planning — shorten the term to see how much faster repayment saves you.

Tips and common mistakes

Use the APR, not the nominal rate. APR folds in most fees, so it reflects the true cost. Beware the "low payment" trap — a longer term lowers the monthly figure but can add thousands in interest. Check for prepayment penalties before planning to pay early; some lenders charge them. And read whether the rate is fixed or variable — this calculator assumes a fixed rate, so a variable-rate loan could cost more if rates rise.

Frequently asked questions

Can I use this for any type of loan?

Yes, for any fully amortizing fixed-rate loan: personal loans, student loans, debt-consolidation loans and most installment financing. It assumes equal monthly payments and a constant interest rate.

Should I enter the interest rate or the APR?

Enter the APR where possible. The APR includes most fees and origination costs, so it reflects the true annual cost of the loan more accurately than the nominal interest rate.

Why does a longer term cost more even with the same rate?

Because interest accrues for more months. A longer term lowers each monthly payment but you pay interest over a greater number of periods, so the total interest rises significantly.

Does the calculator include fees?

No. It calculates principal and interest only. Origination fees, late fees and insurance are extra. Using the APR rather than the nominal rate captures most fee costs in the result.

How can I pay less interest overall?

Choose the shortest term you can afford, secure the lowest APR you qualify for, and make extra payments toward the principal when possible. Each of these reduces the balance that interest is charged on.

Is my data saved?

No. The calculator runs entirely in your browser. Nothing you type is stored, sent or shared.