Estimate your monthly loan payment, total interest paid, total loan cost, and payoff timeline. This free loan calculator works for personal loans, installment loans, and many other fixed-payment borrowing scenarios.
Enter your loan details and click Calculate to estimate your payment and total cost.
This loan calculator estimates fixed monthly payments using your loan amount, interest rate, and loan term. It also shows total interest paid and total cost over the life of the loan.
If you add an extra monthly payment, the calculator estimates how much faster the loan could be paid off and how much interest may be saved. Upfront fees can also be included to show a fuller borrowing cost.
Monthly payments are calculated using the standard amortizing loan formula:
M = P × [r(1 + r)n] / [(1 + r)n - 1]
Where:
Total interest is generally calculated as total payments minus the original loan amount. If fees are included, they are added to the total loan cost result.
A shorter term usually means a higher monthly payment but lower total interest. A longer term lowers the monthly payment but may cost more overall.
Even a small change in rate can make a noticeable difference in monthly payment and total loan cost.
Origination fees and other upfront costs can raise the real cost of borrowing, even if the monthly payment looks manageable.
Paying a little extra each month may reduce total interest and shorten your payoff timeline.
This calculator works well for many fixed-payment installment loans, including personal loans, some auto loans, and other general borrowing scenarios.
Not usually. Credit cards often have variable balances and changing interest charges, so they are better modeled with a dedicated credit card calculator.
In many standard installment loans, extra payments reduce principal faster, which can lower total interest and shorten payoff time.
No. This loan calculator estimates principal, interest, and optional upfront fees only. Taxes, insurance, and other outside costs are not included.