Finance

Loan Calculator

Monthly payment and total interest on a fixed-rate loan — mortgage, auto, or personal.

Loan amount

Interest rate (annual)

Term (years)

Monthly payment

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Enter loan details above

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How this calculator works

Enter the amount you're borrowing, the annual interest rate, and the term in years. The calculator uses the standard amortization formula to spread principal and interest evenly across every monthly payment, then shows you the split between the two — the pie chart makes it obvious how much of a long-term loan is actually interest rather than the amount you borrowed.

Switch currencies with the tabs above the loan amount — the numbers stay the same, only the symbol and formatting change to match how you'd write it in USD, INR, or EUR. For INR, a helper line shows the loan amount in lakhs or crores, since that's how larger sums are usually read and quoted in India.

How to pay off your loan faster

Make extra principal payments

Any payment beyond your required monthly amount — even a small one — goes straight toward principal if you mark it that way with your lender. Because interest is calculated on the remaining balance, this shrinks every future interest charge, not just the current month's.

Switch to biweekly payments

Paying half your monthly amount every two weeks works out to 26 half-payments a year — the equivalent of one extra full payment annually — without changing your budget in any single month.

Round up each payment

Rounding a $437 payment up to $500 feels minor, but the difference compounds over a multi-year term. Small, consistent overpayments often add up to more than an occasional lump sum.

Refinance if rates drop

If interest rates fall meaningfully below your current rate, refinancing can lower your monthly payment or shorten your term for a similar payment — run both scenarios through this calculator before deciding.

Avoid missed or late payments

Late payments often trigger fees and can push extra interest onto your balance. Autopay for at least the minimum due removes the risk of a costly slip.

Put windfalls toward the balance

A bonus, tax refund, or other one-time income applied directly to principal has an outsized effect early in a loan, when the balance — and therefore the interest charged on it — is at its highest.

Frequently asked questions

How is a monthly loan payment calculated?

Using the standard amortization formula: payment = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments. If the rate is 0%, the payment is simply the loan amount divided by the number of payments.

What's included in "total interest"?

It's the total of every payment across the full term, minus the original loan amount — the extra you pay on top of what you borrowed.

Does this account for fees or taxes?

No — this calculates principal and interest only, based on a fixed rate and fixed term. Real loans may include origination fees, insurance, or taxes that change your actual payment.

This tool provides estimates for informational purposes and isn't financial advice. Actual loan terms depend on your lender.