🏦 Loan Calculator
Estimate the monthly payment, total interest, and total repayment cost for a fixed-rate loan based on the amount, interest rate, and term.
What This Calculator Does
This loan calculator estimates the fixed monthly payment required to pay off a loan over a set term, along with the total interest you would pay and the overall repayment cost. It works for personal loans, auto loans, and any other fixed-rate installment loan with monthly payments.
The Formula
The calculator uses the standard amortizing loan payment formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the loan amount (principal), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (years × 12). This is the same formula banks and lenders use to calculate fixed installment payments.
Important Notes
This estimate assumes a fixed interest rate and equal monthly payments with no fees, insurance, or extra charges. Actual loan terms may include origination fees, variable rates, or other costs that change your real payment. This tool is for general planning and educational purposes only and is not a substitute for a formal loan quote from a lender.