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Loan Calculator

Calculate monthly payments, total interest and payoff for any fixed-rate loan.

Loan Details

Monthly Payment
$512.91
60 payments • $30,774.80 total
Total Interest
$5,774.80
Total Paid
$30,774.80

Principal vs Interest

Principal 81.2%Interest 18.8%

Interest makes up 18.76% of your total payments over the life of the loan.

What is the Loan Calculator?

A loan calculator is a free online tool that estimates the monthly payment, total interest, and total cost of any fixed-rate loan — including personal loans, student loans, and debt consolidation loans. Use it to compare offers, model extra payments, and see exactly what a loan will cost you over its full term.

Loan Calculator formula

The monthly payment uses the standard amortization formula M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. Total interest = (M × n) − P.

How to use the Loan calculator

  1. 1Enter the total loan amount you want to borrow.
  2. 2Enter the annual interest rate (APR) quoted by the lender.
  3. 3Enter the loan term in months or years.
  4. 4Optionally add an extra monthly payment to see how much faster the loan is paid off.
  5. 5Review the monthly payment, total interest, and total cost.

Example calculation

For a $25,000 personal loan at 9.5% APR over 5 years (60 months), the monthly payment is $525.13, total interest paid is $6,507.80, and the total cost is $31,507.80.

Frequently asked questions

What is a good APR for a personal loan?
For borrowers with good credit (700+ FICO), personal loan APRs typically range from 7% to 12%. Borrowers with excellent credit may qualify for rates below 7%, while fair-credit borrowers often see 18% or higher.
How is interest on a personal loan calculated?
Personal loans use amortizing interest: each monthly payment covers interest on the remaining balance first, with the remainder reducing principal. Early payments are mostly interest; later payments are mostly principal.
How much would a $10,000 loan cost per month?
A $10,000 loan at 10% APR for 3 years costs $322.67 per month, with total interest of about $1,616. The same loan over 5 years drops the payment to $212.47 but raises total interest to $2,748.
Does paying extra on a loan reduce the monthly payment?
No — extra payments shorten the loan term rather than lowering the monthly payment, unless you recast or refinance the loan. Each extra dollar goes directly against principal, saving future interest.

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