Wyvek

Loan Calculator

Estimate monthly payments and total interest.

Monthly payment —
Total of all payments —
Total interest —

Estimate only — figures exclude taxes, insurance, and fees, and may differ from your lender’s. The currency symbol is illustrative.

Free online loan & mortgage calculator

This loan calculator estimates your monthly payment, the total amount you will repay, and the total interest over the life of a loan. Enter the loan amount, the annual interest rate, and the term — in years or months — and the numbers update instantly. It works for mortgages, auto loans, personal loans, and student loans: any fixed-rate loan that pays down with equal monthly instalments (amortization).

How to calculate your loan payment

  1. Enter the loan amount (the principal you are borrowing).
  2. Enter the annual interest rate as a percentage, such as 6.5.
  3. Enter the loan term and pick Years or Months.
  4. Read your estimated monthly payment, total repaid, and total interest.
  5. Click Copy to save the monthly payment figure for your records.

Understanding the results

The monthly payment is the fixed amount you pay each month, covering both interest and principal. The total of all payments is that figure multiplied by the number of months in the term, and the total interest is how much more than the loan amount you end up paying. A lower rate or a shorter term reduces the interest cost, while a longer term lowers the monthly payment but usually increases total interest.

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Want to compare rate offers or work out a discount? Try the percentage calculator for quick percentage math, or plan around dates with the age calculator. Like every tool here, this calculator runs fully in your browser — nothing you type is uploaded.

Frequently asked questions

How is the monthly loan payment calculated?

The calculator uses the standard amortization formula: M = P · r · (1 + r)ⁿ / ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. If the interest rate is 0%, it simply divides the loan amount by the number of months. Everything is computed live in your browser.

Can I use this as a mortgage calculator?

Yes. A mortgage is just a long-term amortizing loan, so you can enter your home loan amount, annual interest rate, and term in years to estimate the monthly principal-and-interest payment. Note that it does not include property taxes, homeowners insurance, PMI, or HOA fees, which lenders often bundle into your total monthly payment.

What does total interest mean?

Total interest is the extra amount you pay on top of the original loan over the full term. It equals the total of all payments minus the loan amount. Lowering the interest rate or shortening the term reduces the total interest you pay.

Is the result exact?

It is a close estimate. Real loans may use slightly different rounding, daily-vs-monthly compounding, origination fees, or payment schedules, so your lender’s figures can differ by a small amount. Always confirm the exact numbers with your loan provider before making decisions.

What currency does the calculator use?

Amounts are formatted with a US dollar symbol for illustration, but the math is currency-neutral. Whatever currency your loan is in, just read the numbers as that currency — the monthly payment, total paid, and interest are all calculated the same way.

Is my financial information sent anywhere?

No. This loan calculator runs entirely in your browser using JavaScript. The amounts, rates, and terms you enter are never uploaded or stored, so it is safe to use for private financial planning.

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