This loan calculator estimates installment payments and interest cost for personal or general-purpose loans.
Finance
Loan Calculator
Calculate equal installment payments from principal, rate and term.
Calculator
About this calculator
Formula notes
Payment depends on principal, interest rate, and repayment schedule length.
Worked examples
- Example: a 100000 loan at 5% for 3 years costs about 2997.09 per month, 107895.23 in total payments, and 7895.23 in interest.
- A $15,000 loan at 8% for 48 months has a payment of about $366 per month and total interest near $2,577 when payments are monthly and the rate is fixed.
How to use it
- Enter the amount you plan to borrow.
- Set the rate and repayment term.
- Review the installment and total interest before comparing offers.
Frequently asked questions
Can I use this for different loan types?
Yes for standard amortizing estimates. Fees, compounding rules, or promotional rates may need separate checks.
Why is total interest higher on a longer loan?
A longer term usually lowers each payment but leaves principal outstanding for more months, creating more interest even at the same rate.
Limits and interpretation
- The amortization assumes equal on-time payments and a fixed nominal rate with the selected compounding convention.
- Origination fees, insurance, late charges, payment holidays, prepayment allocation, and variable rates are not fully represented.