Loan Calculator
Calculate the monthly payment, total interest, and total cost of any fixed-rate loan.
Formula & methodology
M = P · i / (1 − (1 + i)^−N), where P is the principal, i the monthly rate (annual ÷ 12 ÷ 100), and N the number of monthly payments.
Standard amortizing loan with equal monthly payments. Calculated locally in your browser.
Worked example
- $20,000 at 6% for 5 years → ≈ $386.66 / month — Total interest ≈ $3,199.36 over 60 payments.
Frequently asked questions
Does this include taxes or fees?
No. It computes principal and interest only. Add any fees separately.
What if the rate is 0%?
With a 0% rate the payment is simply the amount divided by the number of months.
Privacy
All processing happens locally in your browser. Your data is never uploaded.
Disclaimer: Estimates for educational purposes only, not financial advice.
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