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Calculators · Updated October 19, 2026

Loan Calculator — Monthly Payment and Total Interest

You can calculate the monthly payment, total interest and total cost of a fixed-rate loan or mortgage from the principal, annual rate and term, with a year-by-year amortization summary.

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Loan paymentRuns in your browser
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Everything runs locally in this tab. No file is uploaded while the tool loads.

This tool runs in your tab. Nothing is uploaded and no copy is stored.

How files are handled

At a glance

Works with
Loan payment
Processing
In your browser
Price
Free, no account
Updated
October 19, 2026
All Calculators

About Loan Calculator

A loan quote gives you a rate and a term, but what most people need first is the monthly payment and the total interest over the life of the loan. The standard amortisation formula gives both, and it is easy to mistype in a spreadsheet — one misplaced bracket and the payment is off by hundreds. This calculator runs the formula for you and shows the numbers it used.

Beyond the headline payment, the tool builds the amortisation schedule: how much of each payment goes to interest, how much reduces the balance, and what is left at the end of each year. An optional extra monthly payment shows how a small increase changes the payoff date and the total interest, which is often the most useful thing to learn before signing.

What this tool does

The details that matter when you use Loan Calculator for real work.

  • Monthly payment at a glance

    Enter the amount, annual rate and term to see the fixed monthly payment, total interest and total paid before fees.

  • Yearly amortization summary

    A compact table shows payments, principal, interest and remaining balance for each year of the loan.

  • Full monthly schedule

    Expand the schedule to inspect every payment, including the adjusted final payment when rounding leaves a few cents.

  • Extra payment comparison

    Add an optional extra monthly amount and see the interest saved and how much earlier the loan is paid off.

  • Zero-rate handling

    A 0% interest loan is calculated as principal divided by the number of payments instead of producing a division error.

  • Multiple currency formats

    Display results in USD, EUR, GBP, INR, AUD or CAD. The maths is identical and no currency conversion takes place.

How to use Loan Calculator

No account, no installation — the whole job happens in this browser tab.
  1. 01

    Enter the loan amount

    Type the principal you plan to borrow, before interest, fees or any deposit.

  2. 02

    Set the annual rate and term

    Enter the fixed annual interest rate and the term, then choose whether the term is in years or months.

  3. 03

    Check the monthly payment

    The headline shows the fixed payment and the summary cards add total interest, total paid and the number of payments.

  4. 04

    Review the amortization

    Read the yearly summary to see how interest falls and the balance declines, then open the monthly schedule for detail.

  5. 05

    Try an extra payment

    Enter an optional extra monthly amount to compare the payoff time and interest saved against the standard schedule.

How this tool works

Works with
Loan payment
Processing
Client-side, in your browser. Nothing is uploaded.
Requirements
Chrome, Edge, Firefox or Safari · Fixed-rate, fully amortising loans

Limitations worth knowing

  • Fees, taxes, insurance and penalties are excluded; the payment shown is principal and interest only.
  • The rate is assumed fixed for the whole term, so variable-rate and interest-only loans are not modelled.
  • Payments are rounded to the cent and the result is an estimate, not a binding quote from a lender.

Privacy and file handling

The loan figures are calculated entirely in your browser with JavaScript. Nothing you enter is uploaded, stored or logged, and no request is sent to a server or lender while you use the calculator.

Read the full privacy policy

Loan Calculator FAQ

Short, direct answers to the questions people ask before using this tool.
How is the monthly loan payment calculated?
The standard formula is M = P × r ÷ (1 − (1 + r)^−n), where P is the principal, r is the annual rate divided by 12 and n is the number of monthly payments. The working section of the tool substitutes your numbers into that formula.
Does the loan calculator include fees, taxes and insurance?
No. The result covers principal and interest only. Arrangement fees, closing costs, property taxes, insurance and early-repayment penalties are excluded, so the real cost from a lender is usually higher than the number shown.
What is an amortization schedule?
It is the month-by-month breakdown of a loan: how much of each payment is interest, how much reduces the principal, and the balance afterwards. Early payments are mostly interest, and later payments are mostly principal.
Why does the first year show more interest than principal?
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest part of each fixed payment shrinks and the principal part grows, which is why the crossover happens later in the term.
How much does an extra monthly payment save?
It depends on the rate and how early in the term you pay it. Because the extra amount goes straight to principal, it removes all future interest on that amount; the tool compares the baseline with the extra-payment schedule and shows the interest and time saved.
Can I use this for a variable-rate mortgage?
Only as an estimate. The calculation assumes one fixed rate for the whole term, while variable-rate mortgages change with the market. Re-run the numbers with the current rate to see the payment at that rate.
Why is the last payment on the schedule slightly different?
Payments are rounded to the nearest cent and the remaining balance is cleared in the final payment. That is what lenders do in practice, so the schedule can end on a slightly smaller or larger amount than the regular payment.
What loan term should I choose?
A longer term lowers the monthly payment but increases total interest, and a shorter term does the opposite. Compare a few terms in the calculator: the payment difference is immediate, while the interest difference over the life of the loan is often much larger.
Is the loan calculator free and private?
Yes. Every figure is calculated in your browser, nothing is uploaded or saved, and no account or email is required. The result is an estimate for planning, not a loan offer or financial advice.