Loan Calculator
Calculate monthly loan payments, total amount paid, and total interest. Simple loan amortization.
About this tool
Use this loan calculator to estimate monthly payments, total repayment, and interest based on a loan amount, interest rate, and repayment term.
How to use
- Enter the loan amount, annual interest rate, and loan term.
- Run the calculation to estimate the monthly payment.
- Review the total paid and estimated interest to compare different scenarios.
Example
Estimating a monthly payment
For a 10,000 loan over 5 years at a fixed annual rate, enter the amount, rate, and term to estimate the monthly payment and total interest.
How it works
How loan payments are estimated
The calculator uses a standard amortization approach where the annual rate is converted to a monthly rate and spread across the number of payments. Results are estimates for planning and are not financial advice or a promise of real bank terms.
Frequently Asked Questions
How is the monthly payment estimated?
It uses the loan amount, monthly interest rate, and number of payments to estimate a fixed monthly payment.
Is the interest rate annual?
Yes. Enter the annual interest rate; the calculator converts it into a monthly rate for the payment estimate.
Is this financial advice?
No. The results are estimates for informational purposes only and are not financial advice or a bank offer.