Loan Calculator

This calculator takes a loan amount, annual interest rate, and repayment term and computes your fixed monthly payment using the standard amortization formula — the same one every bank uses. It then shows you total interest paid over the life of the loan, which is often the number that surprises people most. Whether it's a personal loan, student loan, or any other fixed-term borrowing, the math is identical: principal, rate, and time are the three levers. (Financing a car with a trade-in or sales tax to account for? The Car Loan Calculator handles that math specifically.)

Monthly Payment = P × r(1+r)^n / ((1+r)^n - 1)

Use this before you finalize any borrowing decision, not after. The monthly payment number lenders advertise often buries how much total interest you're paying by extending the term. Running the numbers yourself lets you compare a shorter, higher-payment term against a longer, cheaper-feeling one — and see which costs less in the end.

This calculator assumes a fixed interest rate and equal monthly payments throughout the loan. It doesn't account for origination fees, prepayment penalties, or variable-rate loans where the interest can change. Student loan calculations are especially complex — income-driven repayment plans, interest subsidies, and forgiveness programs won't be reflected here.