Loan Calculator
Calculate the monthly payment, total interest, and payoff total for any fixed-rate loan or mortgage.
Frequently Asked Questions
How is the monthly payment calculated?+
A fixed-rate loan uses the amortization formula: payment = P · r / (1 − (1 + r)^−n), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12). The result is the constant amount that fully pays off the loan over the term.
What is the difference between principal and interest?+
Principal is the amount you borrowed. Interest is the cost of borrowing it, charged on the outstanding balance each month. Early in the loan most of your payment goes to interest; as the balance shrinks, more goes to principal. The total interest is everything you pay above the original principal.
Does this include taxes, insurance, or fees?+
No. This calculates principal and interest only. Real mortgages and loans often add property tax, insurance, PMI, or origination fees, which raise the actual monthly cost. Use this figure as the loan-repayment baseline and add other costs separately.
Is my loan information sent to a server?+
No. The calculation runs entirely in your browser. The amounts and rates you enter never leave your device, so it is safe to use with real figures.
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How to use
- Enter the loan amount, annual interest rate, and term in years.
- The monthly payment, total interest, and total repaid update instantly.
- Set the rate to 0 for an interest-free loan.