Estimate your fixed-rate monthly payment, total interest and total cost. No data leaves your browser.
How to use this loan calculator
Enter your loan amount, annual interest rate, and term in years, and the calculator returns your monthly payment plus the total interest you will pay over the life of the loan. Adjust any field to see how a shorter term or a lower rate changes both numbers.
What your monthly payment is made of
Each payment splits into principal (the amount you borrowed) and interest (the lender’s charge). Early in the loan, most of your payment is interest; later, most is principal. That is why paying a little extra early saves disproportionately more than the same extra paid near the end.
Tips before you borrow
Compare the APR, not just the headline rate, since it folds in fees. Even a quarter-point lower rate can save hundreds over a multi-year loan, and a shorter term cuts total interest sharply — as long as the higher monthly payment still fits your budget.
How a loan payment is calculated
A loan amortizes, meaning each monthly payment covers the interest due that month plus a slice of the principal, with the principal slice growing over time. The monthly payment comes from the standard formula:
M = P × r(1+r)^n ÷ ((1+r)^n − 1)
where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of payments. The calculator also factors in your down payment, so the financed amount is the price minus what you pay up front. From those inputs it reports the monthly payment, total interest paid and the all-in cost of the loan.
Common uses
- Mortgages — compare a 15-year vs 30-year term before you shop for a home.
- Auto loans — see how a larger down payment lowers your monthly bill.
- Personal loans — check whether the payment fits your budget at a given rate.
- Refinancing — estimate savings from a lower rate or shorter term.
Frequently asked questions
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal. APR adds in fees and wraps them into a single yearly percentage, so it is usually the better number to compare across lenders.
Why does a longer term cost more overall?
You pay interest for more months, so even a lower monthly payment usually means more total interest.
Does this include taxes and insurance?
No. It calculates principal and interest only. A full mortgage payment often adds property tax and insurance on top.
How much should I put down?
More down payment means a smaller loan and lower payment, and it can also remove mortgage insurance requirements.
What is an amortization schedule?
It is the month-by-month breakdown of each payment into interest and principal. Early payments are mostly interest; later ones pay down the balance faster — which is why extra payments save the most when made early.
What a longer term costs
| Term | Monthly payment | Total interest | Total paid |
|---|---|---|---|
| 10 years | Highest | Lowest | Smallest |
| 15 years | Higher | Low | Low |
| 20 years | Moderate | Moderate | Moderate |
| 25 years | Lower | High | High |
| 30 years | Lowest | Highest | Largest |
| 30 years + overpayments | Lowest | Between 15 and 30 | Depends on amount |