Loan Calculator
Calculate the monthly payment, total interest, and total cost of any loan from the amount, rate, and term. Free and accurate.
Calculator by Toolsloft ↗- Monthly payment
- $299.71
- Total interest
- $789.52
- Total paid
- $10,789.52
This calculator returns the fixed monthly payment, total interest, and total cost of a loan given its amount, annual rate, and term in months. Use it to size a personal, auto, or installment loan payment before you sign, or to see the lifetime interest a given rate adds.
How this is calculated
It uses the standard amortizing-loan payment formula, Payment = P*r*(1+r)^n / ((1+r)^n - 1), where r is the annual rate divided by 12 and n is the number of months; at a 0% rate the payment is simply the amount divided by the term.
How to use
- Enter the loan amount.
- Enter the annual interest rate and term in months.
- Read the monthly payment, total interest, and total paid.
Examples
- $10,000 at 5% / 36 mo:
payment $299.71 - 0% interest:
$5,000 over 12 mo → $416.67
FAQ
- How is the monthly payment calculated?
- Payment = P·r·(1+r)^n / ((1+r)^n − 1), where P is the amount, r is the monthly rate (annual ÷ 12 ÷ 100), and n is the number of months.
- What is total interest?
- The total paid over the full term minus the original loan amount, the cost of borrowing.
- Does it work for a 0% loan?
- Yes. At 0% the payment is simply the amount divided by the number of months.