Finance
Loan Calculator
Forecast the monthly payment, total interest, and payoff cost for any fixed-rate installment loan.
Smoothly estimate payments for cars, student loans, or any fixed-rate installment loan.
Amortized payment
payment = P × r(1 + r)ⁿ ÷ [(1 + r)ⁿ − 1]
P is the principal, r is the monthly interest rate (APR ÷ 12), and n is the total number of payments. The calculator also multiplies payment × n to show total paid and subtracts the principal to find total interest.
How to use
- Enter the loan amount you plan to borrow.
- Provide the annual interest rate (APR) and term length in years.
- Review the payment summary to see monthly cost, lifetime interest, and overall repayment.
Example
Input: Loan amount = $25,000, APR = 6.5%, Term = 5 years
Output: Monthly payment ≈ $489.15
Student-friendly breakdown
This walkthrough emphasizes the most searched ideas for Loan Calculator: loan calculator, loan payment calculator, loan amortization calculator, personal loan calculator. Start with the formula above, then follow the guided steps to double-check your work. For quick revision, highlight the givens, plug into the equation, and finish by verifying your units.
Need more support? Use the links below to open the long-form guide, browse additional examples, or hop into adjacent calculators within the same topic — each one is a quick way to double-check your work or handle a related question without starting from scratch.
Deep dive & study plan
Loan Calculator: Estimate monthly cost, total interest, and payoff for fixed-rate loans. It's built around loan, payment, interest, schedule, so you can go from a raw question to a checked answer without switching tools.
The math behind it: P is the principal, r is the monthly interest rate (APR ÷ 12), and n is the total number of payments. The calculator also multiplies payment × n to show total paid and subtracts the principal to find total interest. The core relationship is payment = P × r(1 + r)ⁿ ÷ [(1 + r)ⁿ − 1], shown above the calculator so you can see exactly how your inputs turn into the result.
To use it well: (1) Enter the loan amount you plan to borrow. (2) Provide the annual interest rate (APR) and term length in years. (3) Review the payment summary to see monthly cost, lifetime interest, and overall repayment. Keep your units consistent as you go, and re-run a case you already know the answer to — it's the fastest way to catch a typo before it throws off a result you're relying on.
Worked example: entering Loan amount = $25,000, APR = 6.5%, Term = 5 years returns Monthly payment ≈ $489.15. Try swapping in your own numbers next, especially a case you're unsure about, before you use this for something that matters.
Quick retention checklist
- Speak the formula aloud (or annotate it) so the relationships stick.
- Write each step in your own words and compare with the numbered list above.
- Swap in new numbers for the Example to make sure the calculator (and your logic) handles edge cases.
- Check at least one related calculator below — it's the fastest way to confirm your numbers still line up from a different angle.
FAQ & notes
Does this calculator include extra fees?
No. The payment formula only factors principal and interest. Add any service fees or insurance manually to the monthly payment if needed.
Can I model bi-weekly payments?
This tool assumes one monthly payment. For alternative schedules, convert the payment plan into an equivalent monthly rate first.
What formula does the Loan Calculator use?
P is the principal, r is the monthly interest rate (APR ÷ 12), and n is the total number of payments. The calculator also multiplies payment × n to show total paid and subtracts the principal to find total interest.
How do I use the Loan Calculator?
Enter the loan amount you plan to borrow. Provide the annual interest rate (APR) and term length in years. Review the payment summary to see monthly cost, lifetime interest, and overall repayment.