Loan Payment Calculator
Estimate the monthly payment, total interest and total repayment for a car loan, personal loan, student loan or mortgage.
How to use the loan calculator
- Enter the loan amount.
- Enter the yearly interest rate and the term in years.
- See the monthly payment, total interest and total cost.
Frequently asked questions
How is a monthly loan payment calculated?
It uses the amortization formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount, r the monthly rate and n the number of monthly payments.
Does a longer loan term cost more?
A longer term lowers the monthly payment but increases the total interest you pay over the life of the loan.
Is this calculator exact for my bank?
It is a close estimate. Fees, insurance and different compounding rules can change the final figure, so confirm with your lender.
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