Loan Calculator
Calculate monthly payments and total interest for loans. Plan your finances with instant calculations.
Loan Details
Loan Summary
Monthly Payment
$
Principal
$
Interest Rate
Total Interest
$
Total Payment
$
Over years, you'll pay $ which includes $ in interest.
Enter loan details to see your payment summary
Amortization
See how your payment breaks down into principal and interest over time.
Instant Results
See your monthly payment update as you adjust loan parameters.
Multiple Terms
Compare 5, 10, 15, 20, 25, and 30-year loan options side by side.
Frequently Asked Questions
What's the difference between fixed and adjustable rates?
Fixed rates stay the same for the entire loan term - your payment never changes. Adjustable rates can go up or down based on market rates - they're riskier but often start lower. This calculator uses fixed rate logic.
How much interest will I pay over the life of the loan?
The total interest depends on your rate, loan amount, and term. A 30-year loan at 7% on $300k will pay about $418k in interest - nearly as much as the principal! Shorter terms save significant interest.
Should I choose a 15-year or 30-year loan?
15-year loans have lower rates and significantly less interest, but higher monthly payments. Choose 15-year if you can afford the payment and want to save money. Choose 30-year if you need lower payments for cash flow flexibility.
Are property taxes and insurance included?
This calculator shows principal and interest only. For a complete monthly payment, add property taxes, homeowner's insurance, and PMI (if your down payment is under 20%). Check with your lender for the full PITI payment.
About the Loan Calculator
The loan calculator shows the monthly payment, total interest, and total amount repaid for a fixed-rate loan, such as a mortgage, car loan, or personal loan.
How to use it
- 1 Enter the loan amount, annual interest rate, and term in years.
- 2 Choose a standard (amortising) or interest-only loan.
- 3 Compare the monthly payment and total interest, then adjust the numbers to try other options.
Frequently asked questions
How is the monthly loan payment calculated?
For a standard loan the payment is P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount borrowed, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments.
What is an interest-only loan?
With an interest-only loan you pay just the interest each month, so the payment is lower, but the full amount borrowed is still owed at the end of the term.
Does this include fees or insurance?
No. The result covers principal and interest only. Lenders may add fees, taxes, or insurance on top.