How to use the Loan Calculator
Enter the loan amount, annual interest rate and loan term and the result appears straight away. Everything runs in your browser, so nothing you type is uploaded.
The formula
M = P × r ÷ (1 − (1 + r)^−n)
Examples
- $25,000 at 7% for 5 years
Monthly payment: $495.03 Total of 60 payments: $29,701.80 Total interest: $4,701.80
- Same loan over 3 years
Monthly payment: $771.93 Total of 36 payments: $27,789.39 Total interest: $2,789.39
- $10,000 at 12% for 2 years
Monthly payment: $470.73 Total of 24 payments: $11,297.63 Total interest: $1,297.63
Limitations and assumptions
Fixed-rate, fully amortizing loan with monthly payments. Lender fees, insurance and taxes are not included unless stated. Your lender's official disclosure takes precedence.
Frequently asked questions
How is the monthly payment calculated?
M = P × i × (1+i)^n ÷ ((1+i)^n − 1) with i the monthly interest rate and n the number of months.
Why is total interest so different between terms?
A longer term lowers the payment but you pay interest on the balance for more months.
Does it include fees?
No. Use the APR calculator to include origination fees.
Can I use it for car or personal loans?
Yes for the payment maths. The auto loan calculator also handles sales tax and trade-in.