Loan Calculator
Work out monthly loan payments and total interest.
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Calculate your loan payment
Put in the loan amount, the annual interest rate and the term in years to see the monthly payment, the total interest you will pay and the overall cost. It uses the standard amortization formula, where every payment covers interest first and then chips away at the balance. Results are estimates for planning and are not financial advice.
How it works
A higher rate or a longer term lowers the monthly payment but raises the total interest. Shortening the term is the fastest way to cut the lifetime cost.
Frequently asked questions
How is the monthly loan payment calculated?
It uses the amortization formula based on the loan amount, the monthly interest rate (annual rate divided by 12) and the number of months. Each payment is the same, but the interest portion shrinks over time.
Does a longer term cost more?
Usually yes. A longer term means smaller monthly payments but more interest paid over the life of the loan.