Loan Calculator
Estimate your monthly loan payment, total interest, and total repayment using the amount borrowed, annual interest rate, and loan term.
Fixed-rate • Monthly payments • Amortizing loan estimate
Interest cost: 7.9% of the original amount borrowed.
Over 36 monthly payments, you would repay approximately $10,789.52 in total, including $789.52 in interest.
Where Your Repayment Goes
How Loan Term Changes Your Cost
| Loan Term | Monthly Payment | Total Interest | Total Repayment |
|---|---|---|---|
| 1 years | $856.07 | $272.90 | $10,272.90 |
| 3 years (yours) | $299.71 | $789.52 | $10,789.52 |
| 5 years | $188.71 | $1,322.74 | $11,322.74 |
A longer repayment term can reduce the monthly payment, but it may increase total interest because the balance remains outstanding for longer.
Show Amortization Schedule
A loan calculator estimates the monthly payment on a fixed-rate installment loan by combining the principal loan amount, the interest rate, and the term into a single amortized figure - the same fixed monthly figure that lenders in many countries call an EMI, short for Equated Monthly Installment. It works as a general-purpose loan payment calculator for personal loans, auto loans, and other fixed-rate installment debt.
Enter the amount you plan to borrow, the annual interest rate your lender quotes, and the repayment term. The result shows not just the monthly payment, but how much of your total cost is interest, how the term affects your cost, and the full payment-by-payment schedule.
How Loan Repayment Changes Over Time
For a typical fixed-rate amortizing loan, each monthly payment contains both principal and interest. Earlier payments generally contain more interest, since the outstanding balance is at its highest. As the balance decreases, the interest portion generally becomes smaller and more of each payment goes toward principal.
How This Loan Calculator Works
This calculator estimates equal monthly payments for a fixed-rate, fixed-term amortizing loan. Each scheduled payment includes both principal and interest. As the outstanding balance decreases, the interest portion typically falls and more of each payment goes toward principal.
What Changes Your Loan Payment?
Borrowing more generally increases both the monthly payment and total amount repaid.
A higher interest rate generally increases the monthly payment and total interest cost.
A longer term can lower the monthly payment but may increase total interest over the full repayment period.
Interest Rate vs. APR
The percentage charged on the amount borrowed.
APR may reflect the interest rate plus certain eligible borrowing fees and costs.
If your lender gives you an APR that includes fees, entering that APR into a simple interest-rate field may not reproduce the lender's exact payment calculation.
What Type of Loan Is This Calculator For?
This calculator is designed for fixed-rate amortizing installment loans with regular monthly payments - such as personal loans, auto loans, some business installment loans, and other fixed-payment installment loans. It does not model credit cards, interest-only loans, variable-rate loans, revolving credit, or balloon loans. For mortgage-specific calculations, including property tax and insurance, use the site's dedicated Mortgage Calculator.
Does Credit Score Affect Loan Rates?
Lenders may consider credit history and other borrower information when determining eligibility and rates. Qualification standards vary by lender and loan product.
Calculator Assumptions
This calculator assumes:
Actual lender calculations may differ depending on fees, compounding method, payment timing, rate structure, and loan terms.
Loan Examples
| Loan | Monthly Payment | Total Interest | Total Repayment |
|---|---|---|---|
| $5,000.00 at 6% for 2 years | $221.60 | $318.47 | $5,318.47 |
| $10,000.00 at 8% for 3 years | $313.36 | $1,281.09 | $11,281.09 |
| $20,000.00 at 7% for 5 years | $396.02 | $3,761.44 | $23,761.44 |
| $30,000.00 at 10% for 7 years | $498.04 | $11,834.98 | $41,834.98 |
Common Loan Calculator Mistakes
A smaller monthly payment does not automatically mean a cheaper loan overall.
Longer loan terms may increase the total amount of interest paid.
The two values may represent different borrowing costs.
Lender fees may not be included in this calculator.
Make sure the term is entered in the correct unit.
The calculator does not determine loan approval, eligibility, or the actual rate a lender will offer.
Before Taking a Loan
Do not compare loans using monthly payment alone.
Origination and other lender fees may increase the total borrowing cost.
Understand how the repayment period affects both monthly payment and total interest.
Loan agreements may differ regarding extra payments or early payoff.
This calculator provides an estimate, not a lender quote.
How to Use the Loan Calculator
- Enter the amount you want to borrow.
- Enter the annual interest rate.
- Enter the repayment term.
- Select Calculate.
- Review the estimated monthly payment, total interest, and total repayment.
- Adjust the loan amount, rate, or term to compare different scenarios.
Frequently Asked Questions
What is a loan calculator?
A loan calculator estimates the monthly payment, total interest, and total repayment for a fixed-rate installment loan based on the amount borrowed, interest rate, and term.
How is my monthly loan payment estimated?
It uses the standard amortization calculation for a fixed-rate loan, which spreads the principal and interest into equal monthly payments over the loan term.
What does loan principal mean?
Principal is the amount of money borrowed, before any interest is added.
How does interest affect the total cost of a loan?
Interest is the cost of borrowing, charged on the outstanding balance. A higher rate or longer term generally increases the total interest paid over the life of the loan.
What is the difference between interest rate and APR?
The interest rate is the base cost of borrowing. APR may reflect the interest rate plus certain eligible fees, so it can give a fuller picture of the loan's cost - but it may not exactly reproduce a lender's payment calculation if entered directly as the rate.
Does a longer loan term lower the monthly payment?
Generally yes - spreading the same principal over more payments reduces each individual payment.
Why can a longer loan cost more overall?
A longer term means the outstanding balance accrues interest for more months, which can increase total interest paid even though each payment is smaller.
What is an amortization schedule?
An amortization schedule breaks down each payment over the life of the loan into its principal and interest portions, showing how the remaining balance declines over time.
Can extra payments reduce total interest?
Extra payments toward principal can reduce total interest by shortening how long the balance accrues interest, though this calculator focuses on the standard fixed schedule rather than extra-payment scenarios.
Why might my lender's payment differ from the calculator estimate?
Lenders may include fees, use a different compounding method, apply payment timing differently, or quote an APR rather than a plain interest rate - any of these can shift the actual payment from this estimate.
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Last updated: September 29, 2026.