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Calculate your monthly loan payment, total interest, and payoff cost for personal, auto, and mortgage loans. Free, instant, and runs entirely in your browser.
This simple loan calculator helps you determine the monthly payments and total costs for fixed-rate loans. It uses the standard amortization formula where payments remain constant throughout the entire loan term.
The monthly payment is calculated using the amortization formula that takes into account the principal amount, the annual interest rate, and the loan term. The calculator automatically applies this formula to give you accurate results.
A shorter term means higher monthly payments but less total interest. A longer term reduces the monthly payments but increases the total cost of the loan. Use our calculator to compare different options and choose the one that best fits your budget.
Yes, this calculator works for personal loans, auto loans, mortgages, and any loan with a fixed interest rate. It is especially useful for comparing offers from different lenders.
For more complex calculations with different payment frequencies and compounding.
Use Advanced Calculator →Visualize the full payment schedule and how it is distributed between principal and interest.
View Full Schedule →Determine how much you can borrow based on your income and expenses.
Calculate Affordability →Convert amounts between different currencies for international loans.
Convert Currencies →This loan payment calculator works out the fixed monthly payment on an installment loan and shows how much of your money goes to interest over the life of the loan. Enter the amount you plan to borrow, the annual interest rate, and the term in years, and you immediately see the monthly payment, the total interest paid, and the total cost of the loan. It works for personal loans, auto loans, student loans, and fixed-rate mortgages.
The math is the standard amortization formula. Each payment covers the interest accrued that month first, and the remainder reduces the principal, so early payments are interest-heavy and later payments chip away more of the balance. Because the payment is fixed, a longer term lowers the monthly amount but increases the total interest you pay, while a higher rate raises both. Trying a few combinations here makes those trade-offs concrete before you commit.
Use it to compare offers, check what a lender quoted you, or see how much a shorter term or a lower rate would actually save. Everything is calculated instantly in your browser — none of the figures you enter are uploaded or stored — so you can model sensitive borrowing scenarios privately. The results are estimates for planning; a lender's final figure may include fees, insurance, or a different compounding convention.
It uses the standard amortization formula, which combines the principal, the monthly interest rate, and the number of payments to produce a fixed monthly amount that fully repays the loan by the end of the term.
A longer term lowers each monthly payment but stretches the balance over more months, so interest accrues for longer. You pay less each month but more in total interest.
No. It estimates principal and interest only. A lender's actual payment may add origination fees, insurance, or taxes, so treat the result as a planning estimate.
Yes. It is completely free and runs entirely in your browser, so none of the figures you enter are sent to a server or stored anywhere.