Loan Calculator
Estimate monthly payments, total payments and total interest for a fixed-rate loan.
About the Loan Calculator
A loan calculator helps you estimate the regular payment and total interest for a fixed-rate loan. Change the loan amount, rate, or term to compare different borrowing scenarios.
How to use this calculator
- Enter the amount you plan to borrow.
- Enter the annual interest rate.
- Enter the loan term in months.
- Review the monthly payment, total payments, and total interest.
How the calculation works
The calculator uses the standard fixed-rate loan payment formula. The interest rate is converted to a monthly rate and applied across the number of monthly payments.
Example
A $25,000 loan at 7% for 60 months produces an estimated monthly payment and shows how much of the total cost is interest.
Things to keep in mind
- A longer term can lower the monthly payment but usually increases total interest.
- Compare APR and fees, not only the advertised interest rate.
- Actual lender payments can differ because of fees or other charges.
- Use the result for planning rather than as a loan offer.
Frequently asked questions
How is a loan payment calculated?
For a fixed-rate loan, the payment depends on the principal, monthly interest rate, and number of payments.
Does a longer loan term cost more?
Usually. A longer term spreads payments over more months and generally results in more total interest.
Does this include loan fees?
No. The calculator focuses on principal and interest unless costs are reflected in the amount borrowed.