Free Loan Calculator
Calculate the monthly payment, total interest and total cost of any fixed-rate installment loan. Free. No signup required.
- Principal$20,000.00 · 85%
- Total Interest$3,436.41 · 15%
For every dollar you borrow, you'll pay back $1.17 — interest adds 17% on top of what you borrowed.
- Total Interest$3,436.41
- Total Cost of Loan$23,436.41
ƒShow your work
M = P × [r(1+r)^n] / [(1+r)^n − 1]
- 1Monthly rate r = 8% ÷ 12 = 0.6667%
- 2M = $20,000.00 × [r(1+r)^48] / [(1+r)^48 − 1] = $488.26
- 3Total paid = $488.26 × 48 months = $23,436.41
- 4Total interest = $23,436.41 − $20,000.00 = $3,436.41
About the Free Loan Calculator
A loan calculator answers a narrower question than it looks like: not "what's my payment," but "what does this specific rate and term actually cost me before I sign anything." It runs the same fixed-rate amortization math used for mortgages and car loans, but stripped down — no taxes, no insurance, no trade-in — so it works for personal loans, student loans, business loans, or any installment debt where the whole payment is just principal and interest.
People reach for it in two moments: before applying, to compare what a $20,000 personal loan at 8% actually costs against paying from savings or using a 0% intro-APR credit card offer; and after getting a quote, to check whether the payment a lender advertised actually matches the rate and term they quoted — a useful catch, since origination fees and rounding sometimes make a real payment differ slightly from the advertised numbers.
The loan amount, the rate, and why you're borrowing are your business, not this site's — nothing you enter here is sent anywhere or stored, so you can shop and compare offers without leaving a trail of exactly how much you're trying to borrow.
How it’s calculated
Every fixed-rate installment loan amortizes the same way: each payment is split between interest (the current balance times the periodic rate) and principal (whatever's left of the payment). Early payments skew heavily toward interest because the balance is still large; later payments skew toward principal as the balance shrinks — the total payment itself stays flat the whole time.
Frequently asked questions
What's the difference between this and a mortgage calculator?
The math is identical — the same amortization formula — but a mortgage calculator also folds in property tax, homeowner's insurance and HOA fees, since those show up on a real mortgage bill. This one is for loans where the payment really is just principal and interest.
Does this include origination fees or other lender charges?
No — it calculates payment and interest from the rate and term alone. If your lender charges an origination fee, that's typically deducted from what you receive or rolled into the balance, so ask for the loan's APR (which includes fees) rather than just the interest rate for an apples-to-apples comparison.
Why is my actual payment slightly different from what this shows?
Small differences usually come from rounding conventions, a slightly different day-count method, or fees baked into the lender's payment. Large differences usually mean the rate or term you entered doesn't match what you were actually approved for — double check the loan documents.
What loan term minimizes the total interest I pay?
The shortest term you can comfortably afford. A shorter term means a higher monthly payment but far less total interest, since you're carrying the balance for less time — try the same loan amount at a few different terms here to see exactly how much that trade-off is worth in dollars.
Should I pay off a loan early if I can?
Paying extra toward principal reduces the interest you'll pay over the life of the loan, but check your loan agreement first — some personal and business loans carry a prepayment penalty that can offset the savings.
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