Loan Calculator
Calculate your monthly loan payment from the loan amount, interest rate, and term. Instantly see the monthly payment, the total you'll repay, and the total interest for any personal, auto, student, or home loan.
ToolsSoup's Loan Calculator works out your monthly payment in an instant. Enter the loan amount, the annual interest rate, and the term in years and you immediately see the monthly payment, the total amount you'll repay over the life of the loan, and the total interest you'll pay. It uses the standard amortization formula that banks use, so the numbers match what you'd see on a personal loan, auto loan, student loan, or mortgage estimate. Everything runs in your browser: no uploads, no sign-up, and your figures never leave your device.
What is a loan calculator?
A loan calculator takes a loan amount, an annual interest rate, and a repayment term and tells you what your fixed monthly payment will be, how much you'll repay in total, and how much of that is interest. Instead of working through the amortization formula by hand, you type three numbers and read the answer right away. It works for any fixed-rate, fully amortizing loan — personal loans, car loans, student loans, and home mortgages — and updates live as you change any value.
How to calculate a loan payment
Estimating a loan payment takes three quick steps, and this tool does the math automatically as you type:
- Enter the loan amount — the principal you plan to borrow.
- Enter the annual interest rate (APR) as a percentage.
- Enter the term in years. Read the monthly payment, the total you'll repay, and the total interest below.
What is the loan payment formula?
The monthly payment formula for a fixed-rate loan is M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the principal, r is the monthly interest rate (the annual rate divided by 100 and then by 12), and n is the number of monthly payments (years × 12). The monthly rate compounds each month over the term, which is why the early payments go mostly toward interest. If the interest rate is 0%, the formula simplifies to the principal divided by the number of months. This calculator runs that math for you instantly as you change any number.
What's the difference between the monthly payment and the total interest?
The monthly payment is the fixed amount you pay each month, which covers both interest and a portion of the principal. The total paid is that monthly payment multiplied by the number of months — the full amount you'll hand over by the end of the term. The total interest is the total paid minus the original loan amount: it's the cost of borrowing. A longer term lowers the monthly payment but raises the total interest, while a shorter term does the opposite, so comparing both numbers helps you choose a term that fits your budget without overpaying.
Why use this loan calculator?
- Instantly shows the monthly payment, total repaid, and total interest for any loan.
- Uses the standard bank amortization formula for accurate, realistic estimates.
- Works for personal, auto, student, and home loans at any rate and term.
- Handles 0% interest and non-round amounts cleanly, rounding money to two decimals.
- Updates live as you type, runs entirely in your browser, and is 100% free with no ads or sign-up.
Frequently asked questions
How do I calculate a monthly loan payment?
Use the amortization formula M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 100 ÷ 12), and n is the number of months. Enter the amount, rate, and term above and the calculator does it instantly.
What is the monthly payment on a $10,000 loan at 5% for 5 years?
About $188.71 a month. Over the 5-year term you'd repay roughly $11,322.74 in total, of which about $1,322.74 is interest. Change any field above to see your own numbers.
Does this calculator include interest?
Yes. It applies the annual interest rate you enter and compounds it monthly over the term, then shows both the total interest and the total amount repaid alongside the monthly payment.
What happens if I enter a 0% interest rate?
With a 0% rate the loan has no interest, so the monthly payment is simply the loan amount divided by the number of months, and the total interest is zero.
Why does a longer term mean more total interest?
A longer term spreads the loan over more payments, which lowers each monthly payment but keeps a balance accruing interest for longer. The result is a smaller monthly payment but a larger total interest cost over the life of the loan.