Loan Calculator
Free loan and amortization calculator. Enter the loan amount, annual interest rate and term in years to get your monthly payment, total amount paid and total interest using the standard amortization formula. Handles 0% interest loans too. Runs entirely in your browser.
Loan details
Payment
Monthly payment$391.32
Total paid$23,479.38
Total interest$3,479.38
60 payments over 5 years
Frequently asked questions
How is the monthly payment calculated?+
It uses the standard amortization formula M = P·r·(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of months. For a 0% loan, it simply divides the amount by the number of months.
What is total interest?+
It's the total amount paid over the life of the loan (monthly payment × number of months) minus the original loan amount.
Does it work for any loan type?+
Yes — car loans, personal loans, mortgages or student loans. Any fixed-rate, fully amortizing loan with a set term and rate.