Loan Calculator
Calculate monthly payment, total payment and total interest for a loan.
Monthly payment
$500.95
Calculated with the standard amortizing formula over 60 monthly payments. When the interest rate is zero, the payment is simply the amount divided by the number of payments.
About the Loan Calculator
The Loan Calculator works out the fixed monthly payment for an amortizing loan using the loan amount, annual interest rate and term. It also shows the total you will repay and how much of that is interest.
Each payment covers the interest due for the period plus a portion of the principal, so early payments are mostly interest and later payments are mostly principal.
When the interest rate is zero, the payment is simply the loan amount divided by the number of payments. All calculations run in your browser and nothing is uploaded.
Key features
- Monthly payment, total payment and total interest
- Term in years or months
- Handles zero-interest loans
- Locale-aware currency formatting
How to use
- 1Enter the loan amount and choose a currency.
- 2Enter the annual interest rate and the loan term.
- 3Choose whether the term is in years or months.
- 4Read the monthly payment, total repayment and total interest.
Frequently asked questions
- How is the monthly payment calculated?
- It uses the standard amortizing loan formula, which spreads the loan and interest evenly across every payment so the amount stays the same each month.
- What happens with a zero interest rate?
- The payment becomes the loan amount divided by the number of payments, because no interest is added.
- Is this the same as an EMI calculator?
- The core maths is the same. The EMI Calculator is presented for equated monthly installments, while this tool is a general-purpose loan calculator.