A loan offer is usually advertised as a monthly payment, but the number that should really 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 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 judge 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 that trade-off visible before you sign anything.
This is the standard amortization formula. The lender charges interest on whatever balance is still outstanding, so in the early months a larger slice of your fixed payment goes toward interest; as the balance falls, more goes toward principal. The monthly payment itself stays constant throughout the loan, which is what makes budgeting predictable.
| 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.
Use the APR, not the nominal rate. APR folds in most fees, so it reflects the true annual cost of borrowing. Beware the "low payment" trap — a longer term lowers the monthly figure but can add thousands of dollars in interest over the life of the loan. Check for prepayment penalties before planning to pay early; some lenders charge them. And confirm whether the rate is fixed or variable — this calculator assumes a fixed rate, so a variable-rate loan could end up costing more if rates rise during the term.
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 throughout the term.
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 alone.
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 paid over the life of the loan rises significantly.
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 within the result.
Choose the shortest term you can comfortably afford, secure the lowest APR you qualify for, and make extra payments toward the principal whenever possible. Each of these reduces the balance that interest is charged on.
The underlying math is the same amortization formula. This tool is tuned for smaller, shorter-term borrowing like personal or student loans; for a home purchase, BreezeCalc's dedicated mortgage calculator adds context specific to property financing.
No. The calculator runs entirely in your browser. Nothing you type is stored, sent or shared with anyone.