Loan Calculator
Monthly payment, total interest and total cost for any fixed-rate loan or mortgage — live as you type.
This is pure arithmetic on the numbers you enter — real offers add fees, insurance and taxes, and depend on your credit profile. Always compare the APR on an actual offer; this tool isn't financial advice.
About this tool
Every fixed-rate loan — mortgage, car loan, personal loan — follows the same math: equal monthly payments sized so the balance hits zero exactly at the end of the term. Enter the amount, annual rate and term and this calculator shows the monthly payment, the total interest you'd pay over the life of the loan, and the principal-vs-interest split at a glance.
The most useful habit: change one number at a time. Shortening a 25-year term to 20, or shaving one percentage point off the rate, often changes the total interest by staggering amounts — this page makes those comparisons instant.
How to use it
- Enter the amount you want to borrow.
- Enter the annual interest rate and the term in years.
- Compare scenarios by changing one input at a time.
Frequently asked questions
How is the monthly payment calculated?
With the standard amortization formula: payment = P × r ÷ (1 − (1 + r)−n), where P is the amount borrowed, r the monthly interest rate (annual rate ÷ 12) and n the number of monthly payments. A 0% loan is simply the amount divided by the number of months.
Does this work for mortgages and car loans?
Yes — any fixed-rate loan with equal monthly payments follows the same math: mortgages, car loans and personal loans. It doesn't model variable rates, fees, insurance or taxes, which lenders may add on top.
Why is the total interest so large?
Interest accrues on the outstanding balance every month, and early payments are mostly interest. Longer terms mean lower monthly payments but much more total interest — try changing the term to see the trade-off.
Is this financial advice?
No — it's arithmetic on the numbers you enter, useful for comparing scenarios. Actual offers depend on fees, your credit profile and the lender; always check the APR and full terms of a real offer.