Loan Interest Calculator
Calculate the monthly payment and total interest on a personal loan or any fixed rate loan.
A fixed rate loan has the same payment every month. Early on most of it is interest, later most of it is principal.
This calculator shows the payment, the total interest and a year by year breakdown.
How it works
The payment is set so the loan reaches zero exactly at the end of the term. Interest is charged monthly on the remaining balance.
A longer term lowers the payment but raises the total interest. The table makes that trade clear.
The formula
L = loan amount, i = monthly rate (APR / 12), n = number of payments.
Tips
- Shorter terms cost less overall. Choose the shortest you can comfortably afford.
- Check whether the loan has an origination fee. It raises the true cost above the quoted rate.
Frequently asked questions
What is APR?
APR is the yearly cost of borrowing including interest and some fees. It makes different loans easier to compare.
Can I pay a loan off early?
Usually yes. Some lenders charge a prepayment penalty, so check your agreement.
This is not financial advice. Nothing on this site is investment, tax, legal or financial advice of any kind.
The calculators give simplified estimates from the numbers you enter. They ignore taxes, fees, rate changes and real market returns, and they can be wrong.
Do not make financial decisions based on these results. Speak to a licensed financial adviser, accountant or lender before acting, and read the full disclaimer.