Loan Calculator

Loan Payment Calculator — Monthly Payment & Total Cost

Calculate exactly what your loan will cost with our amortization calculator. See monthly payment, total payment, and total interest for any loan amount and term.

How Loan Payments Work

This calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of months.

What You Learn

• Monthly Payment: Your fixed payment each month for the full term
• Total Payment: The grand total you will pay over the entire loan
• Total Interest: How much extra you pay beyond the amount borrowed

Loan Tips

• Compare loans by total interest, not just monthly payment
• Shorter terms mean higher payments but significantly less total interest
• Extra payments toward principal can save thousands in interest
• A 1% interest rate difference can mean huge savings over 30 years

Example

A $100,000 loan at 5% for 30 years = $536.82/month, $193,255.78 total, $93,255.78 interest. At 4%: $477.42/month, $171,869.51 total — saving $21,386.