Loan Calculator

Enter loan amount, rate, and term to see monthly payments, total interest, and a full amortisation schedule.

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How to Use the Loan Calculator

Enter the loan amount, annual interest rate, and term in months. See your monthly payment, total paid, and total interest instantly.

About This Tool

Understanding your monthly payment before signing a loan agreement is essential for budgeting. This calculator uses the standard amortization formula — the same formula used by banks and mortgage lenders — to compute your fixed monthly payment from the principal amount, annual interest rate, and loan term. It also shows total interest paid over the life of the loan, which often surprises borrowers: a 30-year mortgage at 6% on a $300,000 principal costs over $347,000 in interest alone. Use it for mortgages, car loans, personal loans, and student loans. All calculations run in your browser — your financial data is never sent anywhere. For effective rate comparisons, work out a percentage of a number to compare APR offers side by side.

Quick Reference Table

Term	Monthly Payment ($10,000 at 5% APR)
12 months	$856
24 months	$439
36 months	$300
48 months	$230
60 months	$189

Frequently Asked Questions

How are monthly loan payments calculated?

Monthly payments use the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the principal, r is the monthly interest rate, and n is the number of payments.

Is my financial data safe?

Yes. The Loan Calculator runs entirely in your browser. Your loan amount, interest rate, and term are never sent to any server, stored, or accessible to anyone but you.

How accurate is the calculation?

The calculator uses the exact same amortization formula used by banks and mortgage lenders. Results match standard financial calculators to the cent. Note that actual loan payments may differ slightly due to fees, insurance, taxes, or rounding policies specific to your lender.

Can I use the Loan Calculator without signing up or paying?

Yes. The Loan Calculator is free to use indefinitely with no account, no subscription, and no paywall on the amortization table, affordability breakdown, or the interactive principal-vs-interest donut chart. Your loan amount, rate, and term inputs are never sent to any financial institution, advertiser, or Toobits server.

What is the difference between APR and interest rate?

The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus certain fees and closing costs, expressed as a yearly rate. APR gives a more complete picture of the loan's total cost. This calculator uses the stated interest rate — check your lender's APR for a full cost comparison.

Created by The Toobits Team · Engineering & Editorial

Toobits is built, tested, and maintained by a small independent engineering team. Every tool is written in TypeScript, runs entirely in the browser, and is reviewed against its source formulas before publication.

Editorial policy · Updated April 2026

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