Loan Calculator
Estimate your monthly payment, total interest, and total cost for a loan or mortgage. Enter the amount, annual interest rate, and term to see the full breakdown instantly.
How to calculate a loan payment
- Enter the loan amount (the principal you’re borrowing).
- Enter the annual interest rate as a percentage.
- Enter the term in years.
- The monthly payment, total interest, and total repaid update automatically.
How loan payments are calculated
This calculator uses the standard amortizing-loan formula, where each fixed monthly payment covers the interest due that month plus a portion of the principal. Early payments are mostly interest; later payments are mostly principal. It works for mortgages, car loans, personal loans, and student loans.
Frequently asked questions
Does this work for mortgages?
Yes. The amortization math is the same for a mortgage, car loan, or personal loan — enter the amount, rate, and term in years.
Is the interest rate monthly or yearly?
Enter the annual (yearly) interest rate. The calculator converts it to a monthly rate internally.
Does it include taxes, insurance, or fees?
No. It calculates principal and interest only. Property tax, insurance, and fees vary and are not included.