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Loan calculator online

Calculate the monthly payment of a personal, car or any other loan from the amount, interest rate and term.

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Monthly payment

297.02

Total paid: 17821.08

Total interest: 2821.08

This calculator is for informational purposes only and does not constitute financial advice or an actual loan offer; final terms are set by each lender.

Calculate the monthly payment of any type of loan -personal, car, student or debt consolidation- from the loan amount, annual interest rate and term.

Applies the standard fixed-rate amortization formula to the full loan amount, regardless of what it's for: every monthly payment stays the same for the whole term, splitting principal and interest so the remaining balance reaches zero on the last payment.

Use cases

  • Working out a car loan's monthly payment before signing at the dealership.
  • Comparing a personal loan's payment against consolidating several debts into one.
  • Estimating the total interest on a student loan or a home-renovation loan.

How it works

  1. 1

    Enter the loan amount

    Type the total amount you want to borrow.

  2. 2

    Add the interest rate and term

    Enter the annual interest rate and the number of years to pay it back.

  3. 3

    Check the payment and the breakdown

    The calculator shows the monthly payment along with the total paid and total interest.

Technical details

Uses the standard amortization formula M = 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 (years × 12).

Frequently asked questions

Does this work for any type of loan, not just mortgages?

Yes, the formula is the same for any fixed-rate loan with equal monthly payments, whether it's personal, auto, student or debt consolidation; it isn't built specifically for mortgages.

Does it account for origination fees or other costs?

No, the calculation only considers the amount, rate and term. Origination fees, add-on insurance or an APR that differs from the nominal rate can change the real payment.

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