Loan Payment Calculator
Estimate your monthly payments, interest costs, and total loan amount
The total amount you want to borrow
The yearly interest rate
Duration to repay the loan
Loan Breakdown
Loan Amount: $0 | Interest Rate: 0% | Term: 0 years
How to Use This Loan Calculator
This calculator helps you understand the true cost of borrowing money by showing your monthly payments, total interest charges, and the overall amount you'll repay.
Step-by-Step Guide:
- Enter the Loan Amount - The total amount you plan to borrow.
- Input the Annual Interest Rate - The percentage rate your lender charges yearly.
- Specify the Loan Term - How many years you'll take to repay.
- Click "Calculate Loan Payments" - Get instant results showing:
- Your estimated monthly payment
- The total interest you'll pay
- The full repayment amount
Tip: Try different loan terms to see how paying faster (shorter term) reduces total interest!
Frequently Asked Questions
Does this include loan fees or insurance?
This calculator shows principal and interest only. For complete costs, add estimated fees to your loan amount.
How does loan term affect payments?
Shorter terms mean higher monthly payments but less total interest. Longer terms lower monthly payments but increase total interest paid.
What's the difference between fixed and variable rates?
This calculator assumes a fixed rate. Variable rates may change, affecting future payments.
Can I calculate extra payments?
This shows standard payments. To see how extra payments affect your loan, use an amortization calculator with prepayment options.
Why does my actual payment differ from this estimate?
Lenders may include fees, insurance, or use different calculation methods. Always check with your lender for exact payment amounts.