Loan Calculator
Calculate the monthly payment, total interest and full schedule for any amortizing loan.
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Currency: Amounts are calculated in the currency you select; this site does not convert between currencies and does not use live exchange rates.
What this tool does
This is the general-purpose loan calculator: give it any loan amount, annual interest rate and term in months and it returns the level monthly payment, the total interest the loan will cost, and the complete amortization schedule. It works for mortgages, auto loans, personal loans and any other fixed-rate loan repaid in equal monthly installments. The math is the standard amortization formula used by lenders worldwide, and the schedule shows the exact principal/interest split of every payment, which is the part of a loan offer that advertisements leave out.
How to use the Loan Calculator
- Enter the amount you are borrowing.
- Enter the annual interest rate (APR for a loan with no fees is the same figure).
- Enter the term in months — 360 for a 30-year mortgage, 60 for a typical car loan, 36 for a personal loan.
- Read the monthly payment and total interest, then scan the schedule to see how the balance declines.
Formula
M = L · r(1+r)^N / ((1+r)^N − 1)
- L
- Loan amount (principal)
- r
- Monthly rate = annual rate ÷ 12
- N
- Term in months
- M
- Monthly payment
At a 0% rate the payment is simply L ÷ N. Fees are not included — use the APR Calculator when a loan carries origination or financed fees.
Worked example
A $300,000 loan at 6% for 360 months: the payment is $1,798.65 a month, total interest is about $347,514.57 and you repay $647,514.57 in all — the benchmark figures this calculator is tested against.
Inputs
- Loan amount$300000
- Annual interest rate (%)6 %
- Term (months)360
Result
- Monthly payment$1,798.65
- Total interest$347,514.57
- Total of all payments$647,514.57
- Number of payments360
Results explained
- Monthly payment
- The level payment that retires the loan exactly at the end of the term.
- Total interest
- Sum of the interest slice of every payment.
- Total of all payments
- Principal plus total interest — the true cost of the loan.
- Number of payments
- Payments actually made; equals the term unless rounding retires the loan early.
Frequently asked questions
$1,798.65. Total interest over the 360 payments is about $347,515, so the loan costs about $647,515 all-in before fees, tax or insurance.
Each month interest is charged on the balance at annual rate ÷ 12, and the payment is set so the remainder reduces the balance to exactly zero at the final payment: M = L·r(1+r)^N/((1+r)^N − 1).
The balance stays higher for longer, so more interest accrues. The $300,000 loan at 6% costs about $347,515 of interest over 30 years but only about $155,683 over 15 years, while the payment rises from $1,798.65 to about $2,531.57.
Only when the loan has no fees. APR folds financed fees into an effective rate; if your loan has an origination fee, run the APR Calculator to see the rate you are really paying.
Yes — any fixed-rate loan with equal monthly payments. Enter 60 months for a typical auto loan or 36–60 months for a personal loan; the Personal Loan Calculator adds an origination-fee input.
The payment is the loan amount divided by the number of months and total interest is zero; the schedule simply walks the balance down in equal principal steps.