Loan Calculator
Calculate monthly loan payments, total interest, and total cost.
Loan Calculator
Calculate monthly loan payments, total interest, and total cost.
$
%
years
Real-World Examples
Personal loan
$15,000 at 8% for 3 years
$470.18/month
Car loan
$30,000 at 5.5% for 5 years
$573.05/month
Common Mistakes to Avoid
Forgetting to convert the annual rate to monthly
Fix: The monthly rate is the annual rate divided by 12. Using the annual rate directly gives wildly wrong payments.
Not accounting for fees
Fix: Real loans may include origination fees or insurance. Add these to the principal for an accurate total cost.