Loan & Interest Calculator

Estimate your monthly payment, total interest, and total cost for a fixed‑rate loan.

How the calculation works

The monthly payment for a fixed‑rate loan is calculated using the standard amortization formula:

Payment = P × r / (1 − (1 + r)⁻ⁿ)

• P = loan amount
• r = monthly interest rate (annual rate ÷ 12 ÷ 100)
• n = total number of payments (months)

Example

A $10,000 loan at 5% annual interest for 5 years:

• Monthly payment ≈ $188.71
• Total paid ≈ $11,322.60
• Total interest ≈ $1,322.60

FAQ

Does this include fees or taxes?
No, this calculator assumes only principal and interest.

Is the rate fixed?
Yes, this calculator assumes a fixed interest rate for the entire term.