Loan Calculator

Calculate your loan payments

The Loan Calculator works out your monthly payment, the total interest you'll pay, and the total amount repaid — from just the loan amount, interest rate, and term. Enter your numbers and the results update instantly. It's perfect for comparing loan offers, budgeting, and understanding the true cost of borrowing.

How loan payments work

Most loans use amortization: you pay a fixed amount each month that covers both interest and a portion of the principal. Early on, more of each payment goes to interest; over time, more goes to the principal. The calculator uses the standard amortization formula to find the exact monthly payment that pays off the loan over the term.

What affects your payment

Factor	Effect on monthly payment
Higher loan amount	Higher payment
Higher interest rate	Higher payment & more total interest
Longer term	Lower payment, but more total interest

How to use it

1. Enter the loan amount.
2. Enter the annual interest rate (APR).
3. Enter the term in years.
4. Read your monthly payment, total interest, and total repaid.

The longer-term trap

A longer term lowers your monthly payment, which can be tempting — but it usually means paying much more interest overall. For example, stretching a loan from 3 to 6 years roughly halves the payment but can more than double the interest. Use the "total interest" figure to see the real cost, and choose the shortest term you can comfortably afford.

Tips for borrowing smart

• Compare offers by APR, not just the monthly payment.
• Even a small rate difference adds up over the full term.
• Paying a little extra each month can save significant interest.
• Check for any fees that aren't included in the rate.

Private and free

All calculations run in your browser — nothing is uploaded. The tool is completely free with no sign-up. It's for estimation; confirm exact figures with your lender.