Finance Tools
Loan Calculator
Calculate monthly payment, total interest, and total cost for a fixed-rate loan.
Calculate monthly payment, total interest, and total cost for a fixed-rate loan. Optionally add an extra monthly payment to see how much faster you can pay off the loan.
How to use this loan calculator
- Enter the total loan amount you plan to borrow.
- Enter the annual interest rate for the loan.
- Enter the loan term in years or months.
- Optionally, add any extra monthly payment you want to pay on top of the required payment.
- Click Calculate to see your monthly payment, total interest, total paid, and estimated payoff time.
Example
For example, suppose you borrow $20,000 at 8% interest for 5 years and add a $50 extra monthly payment. This calculator will show you:
- Your required monthly payment based on the principal, rate, and term.
- How much interest you will pay over the full life of the loan.
- The total amount repaid (principal plus interest).
- How much faster you can pay off the loan with your extra monthly payment.
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