Loan Calculator
Loan details
$
%
years
Loan summary
Monthly payment
$1,419.47
Principal
$250,000.00
Total interest
$261,010.10
Total cost
$511,010.10
About the Loan Calculator
Work out the fixed monthly payment on a mortgage, car loan or personal loan from the amount you borrow, the annual interest rate and the term, and see what the loan costs in interest over its full life.
How to use it
- 1 Enter the loan amount you will actually borrow, after any down payment.
- 2 Enter the annual interest rate as a percentage, for example 5.5.
- 3 Enter the loan term in whole years.
- 4 Read the monthly payment, then compare the total interest and total cost as you change one input at a time.
Frequently asked questions
It uses the standard amortization formula M = P × i(1 + i)^n / ((1 + i)^n − 1), where P is the amount borrowed, i is the annual rate divided by 12 and n is the number of monthly payments.
No. The result covers principal and interest only. For a mortgage, add property tax, insurance and any fees to estimate the full monthly cost.
Any fixed-rate loan repaid in equal monthly installments, which covers most mortgages, auto loans and personal loans. It does not model variable-rate or interest-only loans.
A longer term lowers the monthly payment but raises the total interest, so the loan costs more overall. Compare both figures before choosing a term.