Loan Calculator

Estimate loan payments and amortization

Estimate the monthly payment on a personal or installment loan, along with the total interest, before you borrow. Enter the amount, rate, and term to see roughly what it'll cost.

$
%
months

Monthly Payment

$495.03

Total Interest

$4,701.80

Total Cost

$29,701.80

How to Use This Calculator

  1. Enter the amount you want to borrow.
  2. Enter the annual interest rate.
  3. Enter the loan term in months (for example, 60 for a 5-year loan).
  4. Review the monthly payment and total interest.

Why Use This Calculator?

  • Comparing loan offers with different rates or terms.
  • Seeing the total interest cost, not just the monthly payment.
  • Deciding whether a shorter term is worth the higher monthly payment.

Real-World Examples

$20,000 at 7% for 5 years

The estimated monthly payment is about $396, with total interest around $3,760 over the life of the loan.

Fixed payments

A fixed-rate loan keeps the same payment every month. Early payments are mostly interest; later ones are mostly principal. The calculator uses the standard amortization formula to spread the cost evenly.

Frequently Asked Questions

Does this include loan fees?

No. Origination fees and other charges aren't included. Ask your lender about the APR, which reflects some of those costs.

What's the difference between interest rate and APR?

The interest rate is the cost of borrowing the money. The APR includes some fees, so it's usually a bit higher and reflects the broader cost.

Can the payment change over time?

Only if the rate is variable. This calculator assumes a fixed rate, so the payment stays the same for the whole term.

Important Disclaimer

Estimates only, for principal and interest. Not a loan offer, approval, or financial advice. Actual terms and costs vary by lender.

Privacy

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