Loan Payment Calculator
Plan a loan before you sign. Enter the amount, annual interest rate and term — the monthly payment, total interest and total cost appear instantly.
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How to Use the Loan Payment Calculator
- Enter the loan amount (principal).
- Enter the annual interest rate.
- Enter the loan term in years.
- Read the monthly payment and totals.
Common Loan Scenarios
- $25,000 car loan at 6% for 5 years
- $300,000 mortgage at 7% for 30 years
- $10,000 personal loan at 9% for 3 years
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Frequently Asked Questions
How is the monthly payment calculated?
With the standard amortization formula: the fixed payment that pays off the principal plus interest over the term, assuming a fixed rate and no extra fees.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing itself; APR includes fees and is usually slightly higher. This calculator uses the rate you enter as the loan’s APR-equivalent for payment math.
Do extra payments reduce total interest?
Yes — paying more than the minimum shortens the term and cuts total interest, because interest accrues on the remaining balance.
Are taxes and insurance included?
No. For mortgages, property tax and insurance are extra — this calculator covers principal and interest only.