Loan Calculator

How to Use

Enter the loan amount you plan to borrow.
Enter the annual interest rate.
Enter the loan term in months or years.
Click Calculate to view your monthly payment and total interest cost.

Frequently Asked Questions

How is a monthly loan payment calculated?

It's calculated using the loan amount, interest rate, and loan term through an amortization formula that spreads principal and interest across each payment.

What is the difference between interest rate and APR?

The interest rate reflects only the cost of borrowing, while APR includes additional fees and charges, giving a fuller picture of the loan's cost.

Does this tool account for extra payments?

This calculator estimates standard fixed payments; making extra payments would reduce your total interest and shorten the loan term beyond what's shown here.