Loan Calculator
Updated on:Calculate monthly payment and total interest for a loan online.
How it works
1. Enter loan amount. 2. Enter annual rate. 3. Enter duration in months. 4. Click Calculate.
Advantages
Monthly payment. Total interest. Total paid. Instant calculation.
Common mistakes to avoid
- Monthly vs annual rate: the entered rate must be annual. The calculator automatically converts it to monthly rate (÷12).
- APR vs nominal rate: the nominal rate is just the interest, APR includes fees and commissions. The calculator uses the nominal rate.
- Duration in months: don't confuse years and months. A 3-year loan = 36 months, not 3 months.
- Early repayment: the standard amortization schedule doesn't account for early repayments that reduce total interest paid.
Description
Free Online Loan Calculator
Our loan calculator calculates the monthly payment, total interest and total cost of a loan. Enter the loan amount, annual interest rate and duration to get a detailed amortization schedule.
Results
- Monthly payment
- Total interest paid
- Total loan cost
- Amortization schedule
Note
Results are indicative. Contact your financial institution for precise conditions.
Related Tools
Category
CalculatorsTable of Contents