Finance
Loan Calculator
Whether it's a personal loan, student loan, or any other installment loan — see your monthly payment, total interest, and total cost.
Monthly Payment
$188.71
Total Interest
$1,322.74
Total Cost
$11,322.74
Frequently asked questions
What types of loans does this work for?
This calculator works for any fixed-rate installment loan — personal loans, student loans, auto loans, equipment financing, and debt consolidation loans. It does not work for credit cards or variable-rate loans.
How is the monthly payment calculated?
We use the standard amortization formula that lenders use. The formula accounts for the loan amount, interest rate, and total number of payments to calculate a fixed monthly payment that pays off the loan exactly by the end of the term.
What's the difference between simple and amortizing interest?
This calculator uses amortizing interest, which is standard for installment loans. Each payment includes both principal and interest. Early payments are mostly interest; later payments are mostly principal.
Does this account for fees or prepayment penalties?
No — this shows just the principal and interest math. Some loans have origination fees, processing fees, or prepayment penalties that would affect the true cost. Check your loan terms for those details.
Calculate your monthly loan payments with our free loan calculator. Enter the loan amount, interest rate, and term to see your estimated monthly payment, total interest paid, and total cost of the loan.
Works for personal loans, student loans, and any fixed-rate installment loan. All calculations happen instantly in your browser — no data sent anywhere.