Loan Calculator
Calculate monthly payment, total interest, and total cost from loan amount, annual rate, and term.
Assess the monthly payment and total cost together
The amortizing-loan formula calculates a level contractual payment from principal, annual rate, and term. Fees are added to total cost. An upfront payment reduces the financed opening amount, while an extra monthly payment shortens the actual payoff period.
What the loan calculator does not model
The calculator assumes a constant rate and monthly payments. Variable rates, insurance, payment holidays, balloon payments, and contractual limits on extra payments require checking the actual offer.
Frequently Asked Questions
How to Use the Loan Calculator
Enter the loan amount, annual interest rate, and loan term in months. The calculator shows your fixed monthly payment, the total interest you'll pay over the life of the loan, and the total cost (principal + interest).
Which term should I enter?
Enter the contractual term from the offer you want to model. Products and lenders use different terms, so the calculator does not assume a current market standard.
How is the monthly payment calculated?
The calculator uses the standard annuity formula so the scheduled payment stays constant while the interest and principal portions change.
How does a longer term affect the loan?
A longer term lowers the monthly payment but usually increases total interest. Compare affordability and total cost together.
Are fees included?
The entered upfront fees are included in total cost but do not change the financed principal or scheduled payment.
How do extra payments change the loan?
Extra monthly or upfront principal payments reduce the balance sooner, which can shorten the payoff time and reduce interest.
Can I use this for a student loan?
Yes, for a fixed-rate repayment estimate based on balance, rate, term, fees, and extra payments. Income-driven plans, deferment, forgiveness, subsidies, and lender-specific rules are not modeled.