💳 Loan Calculator
Work out the payment and total cost of a fixed-rate loan.
Estimates only. Results are general calculations, not financial advice. Real offers may include fees, taxes, insurance and different rounding. Check with your lender or a qualified adviser.
How to use the Loan Calculator
- Enter the loan amount.
- Enter the annual rate and term in years.
- Read the monthly payment, total interest and yearly table.
Examples
- $10,000 at 5% over 3 years costs about $299.71 a month.
Formula and method
Payment = L × r ÷ (1 − (1 + r)^−n), with r = annual rate ÷ 12 and n = years × 12. Origination fees are not included.
Frequently asked questions
Does this work for car loans?
Yes, for fixed-rate loans with monthly payments.
Why is total interest shown?
It is total payments minus the amount borrowed.
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