Enter a loan amount, rate, and term to see your monthly payment, total interest, and the full cost of the loan.
Estimate assumes a fixed rate and equal monthly payments. Fees, insurance, and variable rates change the real cost. General information, not a loan offer.
A fixed-rate loan is amortized: every payment is the same, but early payments are mostly interest and later ones mostly principal. The standard payment formula solves for the fixed amount that pays the loan to zero over the term.
Payment = P × r ÷ (1 − (1 + r)⁻ⁿ)
…where P is the amount, r the monthly rate, and n the number of months.
Almost always — a shorter term means less time accruing interest, so total interest drops sharply even though the monthly payment is higher. Try 3 vs 5 vs 7 years to see the difference.
Any amount above the scheduled payment goes straight to principal, shrinking future interest. Even small extra payments early can shave months off the loan.
Related: auto loan calculator · amortization calculator · debt payoff calculator · all free calculators.
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Yes. The Loan Calculator is completely free, runs in your browser, and never asks for a signup, email, or download. Enter your numbers and the result updates instantly.
It uses standard formulas and recalculates the moment you change a value, so the math is exact for the inputs you enter. Treat the result as a reliable planning estimate; for decisions with legal or tax consequences, confirm the figures with a qualified professional.
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Last reviewed: September 2026. Free to use, no signup — Loan Calculator by ToolWise Digital.
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