Skip to content
Randozi

Loan Calculator

Enter the amount, the interest rate and the term to estimate your monthly payment and what the loan costs in total.

Monthly payment

391.32

60 monthly payments at 6.5% a year

Total paid

23,479.38

Total interest

3,479.38

Estimate with a fixed rate. Fees, insurance and taxes are not included.

How it works

  1. Type the loan amount you plan to borrow.
  2. Enter the annual interest rate in percent (APR, for example 6.5).
  3. Set the term and choose years or months.
  4. Read the monthly payment, the total you will pay and the total interest.

What people use it for

  • Car loans

    Compare a 48-month and a 72-month term and see how much more interest the longer one costs.

  • Mortgages

    Estimate the principal-and-interest payment on a 15- or 30-year home loan.

  • Personal and student loans

    Check whether a monthly payment fits your budget before you sign.

Questions

What formula does the loan calculator use?
The standard amortization formula: M = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of monthly payments. At 0% interest, M = P ÷ n.
Is this the exact payment I will get?
It is an estimate. It assumes a fixed rate and equal monthly payments, and leaves out fees, insurance, property taxes and other costs your lender may add.
Why does a longer term cost more overall?
Each payment is lower, but interest is charged on the remaining balance for more months, so the total interest grows.