Method and assumptions
Estimate the monthly payment and total interest for a fixed-rate amortizing loan. Actual lender figures may differ because of fees, payment dates, variable rates, prepayment terms, taxes, insurance, and rounding rules.
Loan Calculator
Estimate monthly payments and total interest for a fixed-rate loan.
Reviewed: 2026-07-21
How to use it
- Enter principal and annual interest rate.
- Set the repayment term in years.
- Compare the estimated monthly payment, total interest, and total repayment.
When it helps
- Planning an affordable borrowing amount
- Comparing monthly cost at different rates
- Understanding total interest before borrowing
How to verify the result
Check input units and reference dates first. For an important decision, compare the result with an official source or original document. A rounded display can differ slightly from the underlying value.
Frequently asked questions
What is an amortizing loan?
It uses nearly equal scheduled payments. Early payments contain more interest, while later payments contain more principal.
How is a zero-interest loan calculated?
The principal is divided evenly by the number of monthly payments.
Why might a lender quote a different amount?
Fees, daily interest, payment dates, insurance, taxes, variable rates, and rounding can change the final figure.