Loan Calculator
Calculate your monthly payment, total interest, and total repayment amount for a fixed-rate loan with our free online loan calculator.
What is an online Loan Calculator?
An online Loan Calculator helps you estimate the monthly payment, total interest, and total repayment for a fixed-rate loan. By entering the loan amount, annual interest rate, and loan term, you can get a quick estimate of the cost of borrowing.
This tool is useful for comparing different borrowing scenarios and understanding how the loan amount, interest rate, and repayment period can affect your estimated payments.
How to use the Loan Calculator
- Enter the loan amount: Enter the amount you plan to borrow.
- Enter the annual interest rate: Enter the fixed annual interest rate as a percentage, such as 6.5%.
- Choose the loan term: Enter the term and select Years or Months.
- Calculate the loan: Click Calculate Loan to see your estimated monthly payment, total interest, and total repayment.
Understanding your loan calculation results
- Monthly Payment: The estimated amount paid each month toward principal and interest.
- Total Interest: The estimated interest paid over the full repayment period.
- Total Repayment: The estimated principal plus total interest over the loan term.
The payment breakdown also shows the approximate percentage of the total repayment represented by the original principal and by interest.
What types of loans can you estimate?
This calculator can be used for many fixed-rate borrowing scenarios, including personal loans, auto loans, student loans, and mortgages when you only want to estimate principal and interest.
Mortgage costs such as property taxes, homeowners insurance, and private mortgage insurance (PMI) are not included. Other fees, discounts, and loan-specific charges are also excluded from the calculation.
Frequently Asked Questions (FAQ)
Yes. The Loan Calculator is free to use and does not require an account or registration.
No. The calculator estimates principal and interest only. Property taxes, homeowners insurance, PMI, and other additional costs are not included.
Enter the annual fixed interest rate stated in your loan offer. This calculator does not account for additional fees that may be included in an APR.
When the interest rate is 0%, the calculator divides the loan amount evenly across the number of monthly payments. No interest is added to the repayment amount.
No. The results are estimates based on the information you enter. Actual loan payments may differ because of fees, taxes, insurance, lender terms, payment timing, and other conditions.
For additional financial education and resources, you can visit the Consumer Financial Protection Bureau . You can also explore our Percentage Calculator and Salary Calculator for other financial planning tasks.