Free loan calculator
See what a loan really costs before you borrow.
Enter the amount, the interest rate (APR), and the term. You’ll see the monthly payment, the total interest, and how each year’s payments split between principal and interest.
How it’s calculated
Monthly payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the annual rate ÷ 12, and n is the number of monthly payments. At 0% interest, the payment is simply P ÷ n.
Estimate only. It assumes a fixed rate and on-time monthly payments. It does not include taxes, insurance, PMI, HOA dues, or lender fees. Your actual offer depends on your credit and the lender — check the Loan Estimate or loan agreement.
How to use these results
Compare offers on their APR and total cost, not only the monthly payment. A longer term lowers the payment but usually raises the total interest you pay. For mortgages, remember that property taxes, homeowners insurance, and PMI are added on top of this payment.
For official guidance on comparing loan offers, see the CFPB Loan Estimate explainer.