Loan Calculator

Calculate monthly payments and total interest for any loan.

Calculator Inputs

Enter your details and click "Calculate" to see your results

About This Calculator

Calculate monthly payments and total interest for any loan. This calculator helps you make informed financial decisions by providing accurate calculations and detailed breakdowns.

Use this tool to plan your finances, compare options, and understand the long-term impact of your financial decisions.

Loan Formulas & Equations

Monthly Payment Formula

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1]
  • M = Monthly payment
  • P = Principal (loan amount)
  • r = Monthly interest rate (annual rate ÷ 12)
  • n = Total number of payments (years × 12)

Total Payment Formula

Total Payment = M × n

The total amount paid over the life of the loan, including both principal and interest.

Total Interest Formula

Total Interest = (M × n) - P

The total interest paid is the difference between total payments and the original principal.

Example Calculation

For a $50,000 loan at 5.5% APR for 10 years:

  • • Monthly rate (r) = 5.5% ÷ 12 = 0.4583% = 0.004583
  • • Number of payments (n) = 10 × 12 = 120
  • • Monthly payment (M) = $542.64
  • • Total payment = $65,116.80
  • • Total interest = $15,116.80

Frequently Asked Questions

How accurate are these calculations?

Our calculators use industry-standard formulas and are designed to provide accurate estimates. However, actual results may vary based on your specific situation and lender terms.

Can I trust these results?

Yes, our calculations are based on proven financial formulas. However, always consult with a financial advisor for personalized advice.