Calculate your monthly loan payment, total amount paid, and total interest. Works for personal loans, car loans, mortgages, and more.
Quick select term:
For a loan at interest over , you pay /month and a total of in interest.
Enter the loan amount — the total amount you are borrowing.
Enter the annual interest rate (e.g. 6.5 for 6.5%). Find this in your loan offer letter.
Enter the loan term in years, or use the quick-select buttons below the inputs.
Click Calculate Payment to see your monthly payment, total payment, and total interest.
P = Principal (loan amount)
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Total number of payments (years × 12)
This is the standard amortizing loan formula used by banks and mortgage lenders worldwide. Each payment covers the interest for that month plus some principal reduction.
Car Loan — $20,000 at 7% for 5 years
Monthly: $396.02 | Total Interest: $3,761.20
Home Mortgage — $300,000 at 6.5% for 30 years
Monthly: $1,896.20 | Total Interest: $382,633
Personal Loan — $5,000 at 10% for 3 years
Monthly: $161.34 | Total Interest: $808.24
Adding just $100/month extra to a 30-year mortgage can save you tens of thousands in interest and cut years off your loan term.
Rates vary by lender and credit score.