Loan Calculator
Calculate monthly loan payments, total payment, and total interest.
Loan Results
What Is a Loan Calculator?
A loan calculator helps you estimate the monthly payment required to repay a loan. Enter the loan amount, annual interest rate, and loan term to calculate your estimated monthly payment.
The calculator also shows the total amount paid over the full loan term and the total interest charged.
Loan Payment Formula
Where:
- M = Monthly loan payment
- P = Principal loan amount
- r = Monthly interest rate
- n = Total number of monthly payments
Example Loan Calculation
Suppose you borrow $25,000 at an annual interest rate of 7.5% for 5 years. The calculator estimates your monthly payment using the standard fixed-payment loan formula.
You can change the loan amount, interest rate, and term to compare different loan scenarios.
How Loan Payments Work
A fixed-rate loan payment generally includes both principal and interest. At the beginning of the loan, a larger portion of the payment may go toward interest. As the principal balance decreases, the interest portion generally decreases as well.
Actual loan costs can also include application fees, origination fees, insurance, taxes, or other charges. These additional costs are not included in this basic calculator.
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Loan Calculator FAQs
What does a loan calculator calculate?
It estimates your monthly loan payment, total payment, and total interest based on the loan amount, interest rate, and repayment term.
Does the calculator support a 0% interest rate?
Yes. When the interest rate is 0%, the loan amount is simply divided by the total number of monthly payments.
Can I compare different loan terms?
Yes. Try different loan terms and interest rates to see how they affect the estimated monthly payment and total interest.
Does this calculator include additional loan fees?
No. This calculator focuses on principal and interest. Additional fees and charges are not included.
Is this Loan Calculator free?
Yes. The Loan Calculator on Easy Online Tool is free to use and does not require registration.