Calculate monthly payments and total interest
Whether you are considering a mortgage, a car loan, or a personal loan, understanding your monthly payments before signing is essential for sound financial planning. Our free Loan Calculator uses the standard amortization formula to compute your fixed monthly payment based on the loan amount, annual interest rate, and loan duration in years. The tool also displays the total interest you will pay over the life of the loan and the overall amount including principal and interest.
The calculator uses the standard annuity formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the principal amount, r is the monthly interest rate, and n is the total number of payments. This formula assumes fixed monthly payments and a constant interest rate throughout the loan term. The results update instantly as you adjust any parameter, making it easy to compare different loan scenarios and find the option that best fits your budget. All calculations are performed locally in your browser — no financial data is shared with any server.