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Loan Calculator

Calculate monthly payments and total interest for any loan.

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Arrangement or origination fees. Used to show the true cost of the loan.

Monthly payment

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Total interest
Total repaid
Number of payments
Paid off by

PrincipalInterest and fees

Results are estimates for general information only and are not financial advice. Check important figures with a qualified professional or your lender. Read our disclaimer.

When to use it

The loan calculator shows the monthly payment, total interest and total cost of a fixed-rate loan. Use it before applying for a personal loan, comparing offers from different lenders, choosing between a shorter or longer term, deciding how much to borrow for a home improvement, or checking whether a loan fits your budget.

How to calculate a loan payment

  1. Choose your Currency.
  2. Enter the Loan amount.
  3. Enter the Interest rate (APR).
  4. Enter the Loan term and choose the Term unit: years or months.
  5. Optionally add Upfront fees (arrangement or origination fees).
  6. Read the Monthly payment, Total interest, Total repaid, Number of payments and the month it’s Paid off by. The bar shows how much of what you repay is principal and how much is interest and fees.

A worked example

You want to borrow $15,000 for home repairs at 7.5% APR over 5 years. The monthly payment is $300.57 for 60 months. You’d pay $3,034.15 in interest, so $18,034.15 in total. A second lender offers 6.9% but charges a $400 arrangement fee: enter both offers to see which really costs less overall, not just per month.

What changes the cost most

  • Interest rate: even 1% makes a noticeable difference over several years.
  • Term: longer terms mean smaller payments but more interest overall.
  • Amount: borrowing only what you need saves interest every month.
  • Fees: an upfront fee can make a lower-rate loan more expensive in total.

Reading the result

Early payments on a loan are mostly interest, because interest is charged on the full balance. As the balance falls, more of each payment goes toward the amount you borrowed. That’s why paying extra early on saves the most.

Tips

  • Compare total cost, not just monthly payments.
  • Check for early repayment fees if you might pay the loan off early.
  • Keep payments comfortable: many advisers suggest total debt payments under about a third of take-home pay.
  • Improve your credit score before applying for a better rate.

Common mistakes

  • Entering a monthly rate instead of the yearly APR.
  • Choosing the longest term just for the lowest payment, without seeing the extra interest.
  • Ignoring fees, which can add hundreds to the true cost.
  • Borrowing to the limit with nothing left for emergencies.

Compare car financing with the Car Loan Calculator, plan home borrowing with the Mortgage Calculator, or plan repayment of several debts with the Debt Snowball Calculator.

Frequently asked questions

What does APR mean?

The Annual Percentage Rate is the yearly cost of borrowing as a percentage. Lenders must show it so loans can be compared. Enter the APR from your loan offer for the most realistic payment.

Why add upfront fees?

Arrangement or origination fees increase the real cost of a loan even though they don't change the monthly payment. Adding them shows the total you'll pay, which makes comparing offers fair.

Is a longer loan term better?

It lowers the monthly payment but increases the total interest. On $15,000 at 7.5%, a 5-year loan costs about $3,034 in interest; stretching it to 7 years lowers the payment but adds roughly $1,300 more interest.

Does this work for personal loans, student loans and others?

Yes, for any fixed-rate loan repaid in equal monthly payments. For mortgages with property tax and insurance, use the Mortgage Calculator; for cars, the Car Loan Calculator includes tax and trade-ins.

Is this financial advice?

No. It's an estimate for planning. Check your loan agreement or lender for exact figures.

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