Loan Calculator
Work out the monthly payment on a loan, the total you pay over its life, and how much of that is interest. Change any number and the answer updates.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
The monthly payment uses the standard loan formula. The yearly rate is divided by 12 to get the monthly rate, and the years are multiplied by 12 to get the number of payments.
The total paid is the monthly payment times the number of payments. Interest is that total minus the amount you borrowed. Fees and insurance are not included.
Worked example
Borrowing $10,000.00 at 7.5% a year over 5 years comes to $200.38 a month. Across all the payments you pay $12,022.77, and $2,022.77 of that is interest.
Questions
Does this include fees?
No. It covers the loan itself. Origination fees, insurance and other charges come on top, so ask the lender for the full cost.
Why is the rate yearly when the payments are monthly?
Loans quote a yearly rate, but interest is charged each month. The calculator divides the yearly rate by 12 to match.
Can I pay the loan off early?
Often yes, and that saves interest. Ask whether the loan charges a penalty for paying early, since some do.
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