Formula used
How to use the Loan Calculator
- Enter the total loan amount you want to borrow.
- Type the annual interest rate (APR) quoted by your lender.
- Choose the repayment term in years.
- Optional: set the month of your first payment to see the estimated payoff date.
- Read the monthly payment, total interest and the yearly amortization table.
About this tool
The Loan Calculator is built for speed and accuracy: every calculation runs in your browser, so your data never leaves your device and the result updates as you type. It works equally well on a phone, a tablet or a desktop, and it is free to use as many times as you like.
Common use cases
- Comparing offers from two banks before signing a personal loan.
- Checking how shortening the term from 5 to 3 years affects affordability.
- Estimating the true cost of a student or consolidation loan.
- Planning extra repayments to reduce total interest.
Tips for the best result
- Use the latest figures you have - even a small change in rate or term can shift the outcome by hundreds.
- For annual figures, divide by 12 to get a monthly number you can compare with the result.
- Bookmark this page and revisit the calculation as the inputs change.
Frequently asked questions
Does the calculator include fees or insurance?
No. The result covers principal and interest only. Add any origination fee to the loan amount if you want it financed, or add monthly insurance separately to get the full out-of-pocket payment.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing before extras. The APR includes most mandatory fees, so the APR is the better number to compare between lenders.
Why is my real payment slightly different?
Lenders may round payments, charge interest daily, or use different compounding conventions. Treat the result as a close estimate and confirm with the lender's official disclosure.