Loan Calculator
Calculate monthly payments, total interest, and total cost for any loan.
Monthly Payment
Total Interest
Total Cost
Payoff Date
How Loan Calculations Work
This calculator uses the standard amortizing loan formula to compute your monthly payment:
M = P[r(1+r)^n] / [(1+r)^n - 1]
Where P is the loan principal, r is the monthly interest rate, and n is the total number of payments. The total cost is the monthly payment multiplied by the number of payments. Total interest is the total cost minus the original loan amount.
This formula works for any fixed-rate loan: personal loans, student loans, business loans, and more.