Loan Calculator
This free loan calculator computes the monthly payment for a fixed-rate annuity loan — the standard structure for mortgages, car loans and personal loans where every payment is the same amount.
How to use
- Enter the loan amount (principal).
- Enter the annual interest rate as a percentage.
- Enter the term in years.
- Read the monthly payment, total interest and total repaid — instantly, on your device.
Frequently asked questions
How is the monthly payment calculated?
With the standard annuity formula: payment = principal × r / (1 − (1 + r)⁻ⁿ), where r is the monthly rate (annual rate / 12 / 100) and n is the number of months. Example: 100,000 at 6% a year for 30 years gives about 599.55 per month.
What does an annuity (equal payment) loan mean?
Every monthly payment is the same for the whole term. Early payments are mostly interest; later ones pay off more principal. This is the most common structure for mortgages and car loans, and the one banks usually quote first.
Why is the total interest so much higher than the rate suggests?
Interest accrues on the outstanding balance every month for the entire term, so long loans pay interest for many years. A 30-year loan at 6% repays far more interest than a 15-year one even at the same rate — compare the two terms and the difference is explicit.
Does the calculator include fees or insurance?
No. It models pure principal and interest. Origination fees, mandatory insurance and other charges are not included, so treat the result as the base installment before any extras your lender adds.
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About this tool
This free loan calculator computes the monthly payment for a fixed-rate annuity loan — the standard structure for mortgages, car loans and personal loans where every payment is the same amount. Enter three numbers: the loan principal, the annual interest rate and the term in years, and the monthly payment appears instantly together with two numbers lenders rarely lead with — the total interest you will pay over the life of the loan and the grand total repaid. Seeing that a 100,000 loan at 6% for 30 years costs about 599.55 per month and roughly 115,838 in interest is the fastest way to compare offers, negotiate on total cost instead of monthly payment alone, or decide whether shortening the term is worth it. The formula is the standard annuity one: principal × r / (1 − (1 + r)⁻ⁿ) with r the monthly rate and n the number of months, and a 0% rate cleanly falls back to principal divided by months. Results update live as you type and everything runs locally in your browser — your borrowing scenarios stay on your device, with nothing uploaded or stored.