Loan Calculator

Monthly payment and total interest for any fixed-rate loan.

Worked example result

Borrowing $10,000 at 12% for 12 months costs $888.49 per month and $661.85 in interest.

Enter a loan amount, interest rate and term to get the fixed monthly payment, the total interest and the total amount repaid.

This works for personal loans, student loans and any other installment loan with a fixed rate and monthly payments.

The formula

Payment = P · r / (1 − (1+r)^−n), where r = annual rate ÷ 12 and n = number of months

Borrowing $10,000 at 12% for 12 months costs $888.49 per month and $661.85 in interest.

The example is pre-loaded in the result panel — press Calculate with your own numbers to replace it.

Why does a longer term cost more overall?

The balance stays higher for longer, so interest accrues on more money for more months, even though each payment is smaller.

Is this the same as APR?

Not quite — APR also includes fees. Use the APR calculator to compare loans with fees; use this one for the pure payment math.