Enter an amount, interest rate and term to get the monthly payment, total interest and total cost — for mortgages, auto and personal loans.
How loan is worked out
This loan calculator uses the standard amortized-payment formula to work out a fixed monthly payment for any loan — a mortgage, car loan or personal loan. Enter the loan amount, annual interest rate and term in years.
It also shows the total you’ll pay over the life of the loan and how much of that is interest, which is often eye-opening on longer terms.
Getting your answer
- Enter the loan amount you’re borrowing.
- Enter the annual interest rate and the term in years.
- Read the monthly payment, total paid and total interest.
The maths behind it
monthly rate r = annual % ÷ 12 ÷ 100
payments n = years × 12
payment = P × r ÷ (1 − (1 + r)⁻ⁿ)
The default scenario, worked through
As an example, with a loan amount of 250,000, the calculator returns a monthly payment of $1,580.17. Underneath, Monthly payment comes out at $1,580.17 and Total paid at $568,861.22. Change any field and every figure updates as you type.
Common questions
How is a monthly loan payment calculated?
With the amortization formula: the loan amount times the monthly rate, divided by one minus (1 + monthly rate) to the power of minus the number of payments.
Does this include taxes and insurance?
No — it covers principal and interest only. For a mortgage, add property tax, insurance and any HOA separately.
How can I pay less interest?
A shorter term or a lower rate both cut total interest, as do extra payments toward principal. This tool is an estimate, not financial advice.