Loan Calculator — Monthly Payment, Total Interest, Amortization

Loan Calculator

Q: How does the Loan Calculator calculate monthly payments?

It uses the amortization formula with your loan amount, APR converted to monthly rate, and total number of months. If APR is 0%, payment equals amount divided by months.

Q: Why should I use a Loan Calculator before taking a loan?

It helps you compare lenders, plan your budget, and estimate total interest so there are no surprises.

Q: Can I use this calculator for different types of loans?

Yes. It works for fixed-rate personal, auto, and home loans. For variable-rate loans the result is an estimate.

Q: Does it include taxes, fees, or insurance?

No. The calculator shows principal and interest only. Add any fees or insurance separately.

Easily calculate monthly loan payments, total payments, and interest with our free online Loan Calculator. Perfect for personal, car, or home loans.

Loan Amount:

Interest Rate (% per year):

Loan Term (Years):

Results

Monthly Payment

—

Total Payment

—

Total Interest

—

#	Payment	Principal	Interest	Balance

Assumes fixed monthly payments and a fixed annual interest rate.

Why use Loan Calculator?

A Loan Calculator helps you understand how much you’ll need to pay every month when you borrow money. By entering the loan amount, interest rate, and repayment period, you can instantly see your monthly payment, total repayment, and total interest.

This makes it easy to compare different loan offers, plan your budget, and avoid surprises before committing to a loan. Our Loan Calculator is 100% free, works online in your browser, and gives instant results.

How to use Loan Calculator

Step 1 — Enter the loan amount you plan to borrow.
Step 2 — Enter the annual interest rate in percentage (e.g., 8.5).
Step 3 — Enter the loan term in years.
Step 4 — Click the Calculate button to view monthly payment, total payment, and total interest.

How it works (formula)

We use the standard amortized loan formula. If P is the loan amount, r is monthly interest (APR/12/100), and n is the number of monthly payments (years × 12), then the monthly payment is:

EMI = P × r × (1 + r)^n / ((1 + r)^n − 1) (for r > 0). If r = 0, then EMI = P / n.

Tips for better planning

Compare multiple offers by changing rates and terms to find a comfortable monthly payment.
A small change in interest rate can significantly affect total interest—try 0.5% steps.
This tool assumes fixed rate and fixed monthly payments; fees/taxes/insurance are not included.

Loan Calculator — FAQ

How does the Loan Calculator calculate monthly payments? +

It uses the standard amortization formula with your loan amount, APR (converted to monthly rate), and number of months. If the interest rate is 0%, the payment is simply amount ÷ months.

Why should I use a Loan Calculator before taking a loan? +

It helps you compare offers, see the true monthly cost, and estimate total interest—so you can budget with confidence and avoid surprises.

Can I use this calculator for different types of loans? +

Yes. It works for personal, auto, and home loans with fixed rates and monthly payments. For variable‑rate loans, results are an estimate only.

Does it include taxes, fees, or insurance? +

No. The calculator shows principal + interest. If your loan includes extra costs (processing fees, insurance, taxes), add them separately to your budget.