Loan Calculator
Free loan calculator to calculate monthly payments, total interest, and total cost of loans. Get accurate results instantly.
Monthly Payment
$382.02
Total Interest
$2,921.39
Total Payment
$22,921.39
Payment Breakdown
Step-by-Step Instructions
- Enter Loan Amount: Input the total amount you want to borrow in dollars.
- Set Interest Rate: Enter the annual interest rate provided by your lender (as a percentage).
- Choose Loan Term: Select how long you want to repay the loan in months.
- View Results: The calculator instantly shows your monthly payment, total interest, and total cost.
Formula Used
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where: M = Monthly payment, P = Principal, r = Monthly rate, n = Number of payments
Our free loan calculator helps you understand the true cost of borrowing money. Whether you're considering a personal loan, auto loan, or any other type of debt, this powerful tool gives you instant insight into your financial obligations.
Why Use a Loan Calculator?
Before taking on debt, it's crucial to understand exactly how much you'll pay each month and over the life of the loan. A loan calculator eliminates guesswork and helps you make informed financial decisions.
Key Financial Metrics
- Monthly Payment: The amount you'll pay each month
- Total Interest: The complete cost of borrowing
- Total Cost: Principal plus all interest charges