Free Loan Calculator — Monthly Payment & Total Interest
~30 seconds
Whether it's a car loan, personal loan, or student loan — enter the loan amount, interest rate, and term length to instantly see your monthly payment and the total cost of borrowing.
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Examples
Car loan
Loan: $25,000 | Rate: 6% | Term: 60 months
Calculation
- Monthly rate: 6% / 12 = 0.5%
- Monthly payment formula: $25,000 × [0.005 × (1.005)^60] / [(1.005)^60 - 1]
- Monthly payment: $483.32
- Total paid: $483.32 × 60 = $28,999
- Total interest: $28,999 - $25,000 = $3,999
Monthly payment: $483.32
Total interest: $3,999
Personal loan
Loan: $10,000 | Rate: 9% | Term: 36 months
Calculation
- Monthly rate: 9% / 12 = 0.75%
- Monthly payment: $317.99
- Total paid: $317.99 × 36 = $11,448
- Total interest: $11,448 - $10,000 = $1,448
Monthly payment: $317.99
Total interest: $1,448