WorldCalcs

Loan Payment Calculator

Estimate the monthly payment, total interest and total cost of a loan or mortgage.

Reviewed by the WorldCalcs team · Methodology · Last reviewed: June 2026

Monthly payment

1 342.05

Total interest

233 139.46

Total cost

483 139.46

Works for any currency — results are in whatever currency you enter.

This is a general estimate, not financial advice. Your actual rate and terms depend on the lender. See our Disclaimer.

What is a loan calculator?

A loan calculator works out the fixed monthly payment on a loan, plus the total interest and total cost over its life. You enter the amount borrowed (the principal), the annual interest rate and the term in years. It works for any fixed-rate instalment loan, such as personal loans or student loans repaid in equal monthly payments. This tool also shows an amortization schedule so you can see how each payment splits between interest and principal.

How it's calculated

The monthly payment uses the standard amortization formula: M = P x i x (1 + i)^n divided by ((1 + i)^n - 1), where P is the principal, i is the monthly interest rate (annual rate divided by 12 and by 100), and n is the number of monthly payments (years x 12). Early payments are mostly interest; over time more goes to principal. A 0% loan is simply the principal divided by the number of months.

Example

A 200,000 loan at 5% annual interest over 30 years (360 payments) has a monthly payment of 1,073.64. Over the full term you pay 386,511.57, of which 186,511.57 is interest.

All calculations happen in your browser. Nothing is sent, stored, or tracked.

Results are estimates and may contain errors — for general information only, not professional advice. Always verify before relying on them. Disclaimer

How to use

Enter the loan amount, annual interest rate and the term in years. The results update instantly as you type.

Monthly payment is what you'd pay each month. Total interest is the extra you pay over the life of the loan, and total cost is principal + interest combined.

Results are estimates for principal and interest only — they don't include taxes, insurance, fees or PMI.

Frequently asked questions

How is a loan payment calculated?+

With the amortization formula, from the principal, the monthly interest rate and the number of payments.

What is amortization?+

Paying off a loan in equal instalments, where the interest portion shrinks and the principal portion grows over time.

Why is so much of my early payment interest?+

Because interest is charged on the outstanding balance, which is highest at the start.

How can I pay less interest overall?+

A shorter term or extra payments toward principal reduce total interest, though a shorter term raises the monthly payment.

What is the difference between APR and interest rate?+

The interest rate is the cost of borrowing; APR also includes certain fees, so it is usually a little higher.

Does this include fees or insurance?+

No, it calculates principal and interest only. For a home loan with tax and insurance, see our Mortgage Calculator.

What happens with a 0% loan?+

The payment is just the principal divided by the number of months, with no interest.

Can I use this for a car loan?+

Yes, though our Auto Loan Calculator also handles trade-in and sales tax.

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