Estimate your loan payments
Enter an amount, an interest rate and a term to see the monthly payment and the total interest.
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What this tool does
The Loan Calculator estimates what a standard fixed-rate loan with equal monthly payments will cost. Enter the amount you borrow, the annual interest rate and the term in years, and it shows three numbers: the monthly payment, the total you will repay and the total interest.
The results appear with a $ sign, but the arithmetic is the same for any currency.
An estimate, not an offer. This calculator is for general information only. It does not provide loans, lending or financial advice, and a lender's real figures may differ because of fees, insurance, taxes or rate changes.
How to use the calculator
- Enter the Loan Amount.
- Enter the Annual Interest Rate as a percentage (for example 5.5).
- Enter the Loan Term in years.
- Click Calculate Loan and read the three results.
A worked example
A loan of 10,000 at 5.5% a year over 5 years has a monthly payment of about 191.01. Over 60 payments you repay about 11,460.70, which means roughly 1,460.70 of that is interest.
The formula
The monthly payment is M = P × r(1+r)n / ((1+r)n − 1), where P is the amount, r is the monthly rate (annual rate ÷ 12) and n is the number of monthly payments. If the rate is 0%, the payment is simply P ÷ n.
Tips for better results
- Try the same loan over different terms. A longer term lowers the monthly payment but raises the total interest.
- Compare the interest rate and any fees a lender charges, not just the monthly payment.
- Paying extra when you can reduces interest, but extra payments are not modelled here.
Privacy: what happens to your data
This tool runs in your browser, so the content you enter stays on your device and is not sent to Tantool's servers. See the Privacy Policy for the full picture.
Limitations to know about
- It assumes a fixed rate and equal monthly payments.
- Fees, insurance, taxes and early-repayment charges are not included.
- It does not produce a payment-by-payment schedule.
- The result is an estimate; your lender's figures are the ones that count.
Frequently asked questions
Can I use it for a car loan or personal loan?
Yes, for any fixed-rate loan with equal monthly payments. For home loans see the Mortgage Calculator.
Why is my bank's number different?
Banks may add fees or insurance, compound differently, or use a variable rate. Ask the lender for a full breakdown.
Does the calculator store my numbers?
No. The calculation happens in your browser.