Loan Calculator
Estimate monthly payment, total interest, and total payoff for a fixed-rate loan.
Enter your details
Guide
How this loan calculator works
This tool estimates a fixed loan payment using the loan amount, annual interest rate, and repayment term. It assumes the payment stays the same each month and that interest compounds monthly.
Start with the principal
Enter the amount you plan to borrow, not the total purchase price if you are making a down payment.
Set the rate and term
The interest rate and number of years drive most of the payment, total interest, and total payoff.
Compare total interest
A lower payment can still cost more over time if the term is much longer.
FAQs
Does this include fees or taxes?
No. This first version estimates principal and interest only. Origination fees, taxes, insurance, and other costs should be checked separately.
Why does a longer term lower the monthly payment?
The balance is spread over more months, but you usually pay interest for longer, which can increase the total cost.
Can I use this for auto or personal loans?
Yes, it works for many fixed-rate installment loans as long as the payment is monthly and the rate stays fixed.
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