Loan Calculator
Find the monthly payment for any fixed rate loan, whether it is a car loan, personal loan or business loan. Enter the amount you are borrowing, the annual interest rate and the term, and the calculator shows your monthly payment, the total interest, and the total amount you will repay.
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Last reviewed January 15, 2026.
Method: Fixed-rate payments use the standard amortization formula; total interest = (payment × number of payments) − principal.
How it works
Loans use the same amortization formula as a mortgage:
Payment = P × [ r(1 + r)n ] ÷ [ (1 + r)n − 1 ]
Here P is the loan amount, r is the monthly rate (annual rate ÷ 12) and n is the total number of monthly payments. Total interest is simply the total of all payments minus the amount borrowed.