Loan Payment Calculator
See what a loan really costs. Enter the amount, interest rate, and term to get your monthly payment, total interest, and total cost, and add an optional extra payment to see how much interest you'd save.
Look at total interest, not just the payment
Lenders quote the monthly payment because it's the smallest, friendliest number. The one that matters is total interest, the real price of borrowing. A longer term lowers the monthly payment but raises total interest, sometimes dramatically. This calculator shows both, so you can weigh a comfortable payment against the true cost.
Before borrowing, it's also worth checking your credit score, since the rate you qualify for is often the biggest lever on that total-interest number.
Common questions
How is a loan payment calculated?
Equal monthly payments are set to clear the balance plus interest over the term: payment = P x r / (1 − (1 + r)−n), where P is the amount, r the monthly rate, n the months. Early payments are mostly interest; later ones mostly principal.
Do extra payments really save money?
Yes, often a lot. Extra payments go straight to principal, erasing all the future interest that money would have accrued. Even a small monthly extra can shorten the loan by months or years. Enter an amount above to see the effect on your loan.
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This calculator is for education and general information only, not financial, investment, or tax advice. Results are estimates based on the assumptions you enter and do not predict actual returns.