Calculate your monthly loan payment, total interest, and total cost for any loan amount.
Enter the total loan amount you wish to borrow, the annual interest rate, and the repayment term in months.
Click Calculate to see your fixed monthly payment, the total amount repaid, and the total interest cost.
Adjust the term length to see how shorter or longer repayment periods affect your monthly payment and total interest.
Fixed-rate loan payment formula:
M = P × r(1 + r)^n / ((1 + r)^n − 1)
Where P = loan principal, r = monthly interest rate (annual rate ÷ 12), and n = total number of monthly payments.
Example: A $25,000 auto loan at 5.9% interest for 60 months:
Monthly payment: $483.15
Total paid: $28,989
Total interest: $3,989
Example 2: A $10,000 personal loan at 9% for 36 months:
Monthly payment: $318.00
Total paid: $11,448
Total interest: $1,448
A mortgage is a specific type of loan secured by real estate property. Other loans (personal, auto, student) may be secured or unsecured and typically have shorter terms and different interest rates.
A longer loan term reduces your monthly payment but increases the total interest paid. A shorter term means higher monthly payments but less total interest, saving you money overall.
Generally, a credit score of 720 or above qualifies for the best rates. Scores between 670–719 get good rates, while below 670 may result in higher interest rates or require a co-signer.