Loan Calculator
Loan Calculator
Work out your monthly payment, total payment and total interest — free, in your browser, nothing uploaded.
Use this free loan calculator to work out your monthly payment, total payment and total interest before you talk to a lender. Enter the amount, the annual rate, and the term, and compare offers on the same basis. The figures carry no currency symbol in the tool.
Last tested: 1 November 2026.
Disclaimer: this page gives general information only. It does not give financial advice, approve a loan, check credit, or replace a lender’s formal offer. If you are choosing a loan, compare the lender’s full terms, including fees, and talk to a qualified adviser where the sums are large or the terms are unclear.
How to use this loan calculator
- Enter the loan amount, the full amount you plan to borrow, not including any fees.
- Enter the annual interest rate as a percentage, for example 8 for 8 percent per year.
- Enter the term, and choose years or months. A five-year loan is 60 monthly payments.
- Click Calculate Loan.
- Read your monthly payment, your total payment, and your total interest.
If you leave a field blank, or enter a loan amount of zero or less, the tool shows a clear message instead of a result.
A worked example from the live tool
For a loan of 100,000 at 8 percent over 5 years, the tool gives:
Monthly payment: 2,027.64.
Total payment: 121,658.37. Total interest: 21,658.37 over 60 monthly payments.
Try changing one input at a time. Shorten the term and watch the monthly payment rise while the total interest falls.
How the formula works
For a fixed-rate loan repaid in equal monthly instalments, monthly payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount borrowed, r is the monthly rate, and n is the number of monthly payments. The monthly rate is the annual rate ÷ 100 ÷ 12. Total payment = monthly payment × n. Total interest = total payment − P. A zero rate divides the amount by the number of months, because no interest is charged. A fractional year term is rounded to whole months.
Monthly payment vs total cost: read both
The monthly payment is what you pay each month. The total payment is all of those monthly payments added together, and the total interest is the total payment minus the amount borrowed. The same loan over 10 years gives Monthly payment: 1,213.28. Total payment: 145,593.11. Total interest: 45,593.11 over 120 monthly payments. The monthly figure falls, but the total interest roughly doubles, so neither choice is automatically right: a longer term may be sensible if the monthly payment would otherwise strain your budget, but choose it knowing the total interest in front of you, not because the monthly figure looks smaller.
Loan calculator vs loan early repayment calculator
This calculator assumes a fixed rate for the whole term and equal monthly payments, with no extra payments. If you plan to pay extra, use the loan early repayment calculator, which takes an extra payment every month and an optional one-off lump sum paid at the start, and shows the new payoff time and the interest saved. Extra payments, where a lender allows them, are one of the most effective ways to cut interest, because the balance falls faster.
Fixed rates, variable rates, and affordability
This calculator assumes a fixed rate for the whole term. That matches fixed-rate loans, where the payment does not change. With a variable rate, the payment can change when the rate changes, so treat any single figure as a snapshot, not a promise. It is also worth distinguishing between the interest rate and the total cost of credit: two loans with the same rate can cost different amounts once fees are included. The Consumer Financial Protection Bureau’s page What is a Qualified Mortgage? is useful background on APR, points, and fees; this calculator itself does not include fees or insurance. Affordability is not just arithmetic: a payment that looks manageable in a good month can become difficult if income falls, so leave room in the budget.
Limits you should know
This calculator does not approve a loan, check credit, or replace a lender’s formal offer. It calculates the cost of the loan itself from the amount, rate and term you enter. Add any fees, insurance, and other charges separately when you compare offers. It does not give financial advice.
Privacy note
Your loan figures stay in your browser and are never sent to a server, stored, or shared. Loan amounts, rates and terms reveal a great deal about your finances, so that matters. If you have a question about this page, use the contact page.
Related tools
If you found this loan calculator useful, you may also like the loan early repayment calculator, for extra payments and early payoff, the percentage calculator, which works out a share or a change, and the age calculator, for exact age in years, months and days. All of them are free, run in your browser, and are listed on the calculators hub.
Frequently asked questions
What is the difference between the monthly payment and the total payment?
The monthly payment is what you pay each month. The total payment is all of those monthly payments added together.
What happens if I enter a zero interest rate?
The calculator divides the loan amount by the number of months, because no interest is charged.
Does this calculator include fees or insurance?
No. It calculates the cost of the loan itself from the amount, rate and term you enter. Add any fees and insurance separately when you compare offers.
Is my loan information uploaded or stored?
No. The calculation runs entirely in your browser. Your figures are never sent to a server, stored, or shared.
Same loan, two terms
These figures are live-tested for a loan of 100,000 at 8 percent, and the tool shows no currency symbol. The comparison below is general information only, not financial advice.
| Term | Monthly payment | Total payment | Total interest | Payments |
|---|---|---|---|---|
| 5 years | 2,027.64 | 121,658.37 | 21,658.37 | 60 |
| 10 years | 1,213.28 | 145,593.11 | 45,593.11 | 120 |
| Difference (10 years minus 5 years) | Lower by 814.36 | Higher by 23,934.74 | Higher by 23,934.74 | 60 more |
How to read the result
The tool shows monthly payment, total payment and total interest as three labelled boxes, matching the premium tool-card style, stacking full-width on mobile.
Compare offers on the same basis
- Use the same amount for every offer.
- Use the same term for every offer.
- Use the same rate basis for every offer.
- Add fees and insurance separately, because this tool does not include them.
- Note that a lender’s APR can include points and fees, so a lender’s APR and this tool’s rate input are not always the same thing.
- If the rate can change, a fixed-rate result is a snapshot, not a promise for the whole term.