Loan & Monthly Payment Calculator
Free loan calculator: enter the amount, interest rate (APR) and term to see your monthly payment, total interest, and total cost.
Whether you're looking at a mortgage, an auto loan, or a personal loan, knowing your monthly payment before you sign is essential for budgeting. This calculator uses the standard amortized (fixed-payment) formula used by most lenders.
Enter the loan amount, the annual interest rate (APR), and the term in years, then press Calculate to instantly see your monthly payment, total interest, and total amount repaid.
Frequently asked questions
Does this include taxes, insurance, or fees?
No. The result covers loan principal and interest only. Mortgages usually add property taxes, homeowners insurance, PMI, and closing costs, so your actual payment may be higher. Always confirm with your lender's official amortization schedule.
What's the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal. The APR also folds in certain fees, so it's usually slightly higher and gives a truer picture of the loan's cost. This tool treats the rate you enter as a simple annual rate.
Can I pay off my loan early?
Most loans allow early payoff, which saves interest. Some carry a prepayment penalty, so check your loan agreement before making extra payments.