Finance calculator
Loan Calculator
Calculate monthly loan payments, total interest, and total repayment cost.
Quick answer
How is a monthly loan payment calculated?
Use 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. A $10,000 loan at 6% for 5 years costs about $193.33 a month.
Monthly payment = P × r(1+r)^n / ((1+r)^n − 1)
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The Loan Calculator helps estimate monthly payments, total interest, and total cost for personal or business loans.
Disclaimer: This tool provides estimates for informational purposes only and is not financial advice. Please do your own due diligence and consult a qualified professional before making real-world financial decisions.
About this Loan Calculator
A loan calculator turns a borrowed amount, interest rate, and term into a clear monthly payment and total interest cost. It works for personal, student, or any fixed-rate installment loan.
What you'll need
- • Loan amount
- • Annual interest rate
- • Loan term (months or years)
How it works
- 1. Enter how much you want to borrow.
- 2. Enter the annual interest rate (APR).
- 3. Choose the loan length in months or years.
- 4. Review the monthly payment, total interest, and total repayment.
Worked example
Borrowing $10,000 at 8% APR over 5 years results in a payment of roughly $203/month and about $2,166 in total interest.
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Loan Calculator FAQ
What is the Loan Calculator?
The Loan Calculator is a free online tool that helps you calculate monthly loan payments, total interest, and total repayment cost.
How do I use the Loan Calculator?
Open the Loan Calculator, enter the requested values, and review the instant estimate on the page.
Is the Loan Calculator free?
Yes. The Loan Calculator is free to use on Fast Online Calculator and does not require an account.
What is APR vs. interest rate?
APR includes most fees rolled into the loan and is usually slightly higher than the simple interest rate. Use APR for a fair cost comparison.
Can I pay a loan off early?
Most fixed-rate loans allow extra principal payments, which lower the total interest you pay over the life of the loan.
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