Loan Calculator
Calculate monthly loan payment and total interest.
About the Loan Calculator
A loan calculator turns three numbers you already know -- how much you are borrowing, the interest rate, and how many years you have -- into the one number that decides whether you can afford it: the monthly payment.
How to use it
- Enter the total amount you are borrowing.
- Enter the annual interest rate (APR), not the monthly rate.
- Enter the term in years. The result updates as you type.
Worked example
Borrow $25,000 over 5 years at 7.5% and the payment is about $501 a month, with roughly $5,050 paid in interest over the life of the loan.
Common questions
- Is this the same as APR?
- The rate field takes the annual rate. APR also folds in fees, so a quoted APR is usually slightly higher than the interest rate alone.
- Why does a longer term cost more overall?
- A longer term lowers the monthly payment but you pay interest for more months, so total interest rises even though each payment is smaller.
- Does this include tax or insurance?
- No. This is principal and interest only. For a house, add property tax and insurance separately.