Loan Calculator
Enter the loan amount, annual interest rate and term; instantly see your monthly payment, total payment and total interest.
Result: Monthly payment
10,046.21
120,554.5
Total payment
20,554.5
Total interest
About
A loan calculator lets you preview your monthly burden and total cost before taking out a personal, auto or mortgage loan. By changing the rate and term you can find a plan that fits your budget.
The tool uses the annuity (equal-installment) method that banks use too: you pay the same amount each month. Enter the loan amount, annual interest and term in months, and the monthly payment, total payment and total interest appear instantly.
How to use
- Enter the loan amount.
- Type the annual interest rate (%) and the term (months).
- The monthly payment, total payment and total interest are calculated instantly.
Frequently Asked Questions
- How is the monthly payment calculated?
- It uses the annuity formula: payment = principal × monthly rate ÷ (1 − (1 + monthly rate)^−term). The monthly rate is the annual rate divided by 12.
- What does total interest show?
- It's the cost left after subtracting the loan principal from the total you pay over the term (monthly payment × number of months).