About the Loan Calculator
Find the monthly payment, total interest and total cost of a loan, with an optional extra payment. This tool is free, works in your browser and needs no sign-up.
How to use the Loan Calculator
Enter the loan amount, the yearly interest rate and the number of months. Add an extra monthly payment to see how much time and interest you save.
Formula used
Payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). With an extra payment the balance is reduced month by month until it reaches zero.
Example
With Loan amount 10000, Interest rate (% per year) 8, Loan term (months) 36, Extra payment per month 0, the calculator shows: Monthly payment = 313.36; Total interest = 1,281.09; Total paid = 11,281.09.
Frequently asked questions
Is the Loan Calculator free to use?
Yes. It is completely free and you can use it as many times as you like.
How accurate is the Loan Calculator?
The calculator uses standard formulas, so the maths is exact. Real life results can differ because of fees, taxes, rounding or personal factors, so treat the answer as an estimate.
Do you store the numbers I enter?
No. All calculations run in your browser. The values you type are not sent to our server.
Disclaimer: results are estimates for information only. They are not financial, medical or professional advice.