Loan Calculator: Estimate Monthly Payments & Total Interest

Loan Calculator: See Your Real Monthly Cost Before You Borrow

Loan Calculator: see your real monthly cost before you borrow, with a calculator showing a $406.00 payment

Your Loan Details

Enter your numbers or start from an illustrative example.

$
%
$
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Your Estimate

Based on a fixed rate and equal monthly payments.

Please enter a loan amount, a rate of 0% or more, and a term of at least 1 month.
Estimated monthly payment$0.00
Principal$0
Total interest$0
Upfront fee$0
Total cost$0
Payoff time-

Yearly Payment Schedule

YearPrincipal paidInterest paidRemaining balance

Last reviewed: October 21, 2026. This calculator is for educational purposes. Results are estimates, not a loan offer.

How This Loan Calculator Works

For a fixed-rate installment loan, the monthly payment comes from a standard amortization formula:

Payment = P × r ÷ (1 − (1 + r)−n)

Here P is the amount borrowed, r is the monthly interest rate (your APR divided by 12) and n is the number of monthly payments. Early payments are mostly interest. Over time, a larger share goes to principal, which is why the schedule above shows the balance falling slowly at first and faster later.

Interest Rate vs. APR

The interest rate is the cost of borrowing the money. The APR (annual percentage rate) is meant to show a broader yearly cost, because it can also include certain lender fees. When comparing offers, compare APRs, and use the upfront fee field above if a lender charges an origination fee.

Example: How Term Length Changes the Cost

The table shows an illustrative $20,000 loan at 8% APR. A longer term lowers the monthly payment but raises the total interest.

TermMonthly paymentTotal interest
3 years≈ $627≈ $2,562
5 years≈ $406≈ $4,332
7 years≈ $312≈ $6,191

5 Ways to Lower What You Pay

  • Choose the shortest term you can afford. You pay less interest overall.
  • Make extra payments. Try the extra payment field above to see the interest saved and the months cut. Ask your lender whether it charges a prepayment penalty, and that extra payments go toward principal.
  • Check your credit first. Higher credit scores often qualify for lower rates. See our guide on improving your credit score.
  • Compare at least three offers. Banks, credit unions and online lenders price loans differently.
  • Read the fees. Origination fees, late fees and prepayment penalties change the real cost.

Explore: Four Ways to Lower Your Loan Cost

Each tip answers a different question. Select one.

Shorter term. A shorter term raises the monthly payment but cuts total interest. On the illustrative $20,000 loan at 8% above, 3 years costs about $2,562 in interest and 7 years costs about $6,191. Test your own numbers in the calculator.

Check Your Loan Style

Educational only. Nothing is collected or stored. Tap all that apply.

Select one or more options to see general educational prompts.

Quick Quiz: Do You Know How Loans Work?

1. What does APR show?
2. What usually happens to total interest with a longer term?
3. In the early years of a fixed-rate loan, most of each payment goes to...
4. What should you confirm before making extra payments?
5. Why compare offers from several lenders?
Million Dollar Finance Quiz game show studio MILLION DOLLAR FINANCE QUIZ16 QUESTIONS • 1 MILLION VIRTUAL DOLLARS • PLAY FREE▶ PLAY GAME

Frequently Asked Questions

Does using this calculator affect my credit score?

No. The calculator runs in your browser, does not check your credit and does not send or store the numbers you enter.

Can I use it for a mortgage?

It shows principal and interest for a fixed-rate loan. A mortgage payment usually also includes property taxes, homeowners insurance and sometimes mortgage insurance, so your real payment will be higher.

Why is my lender's payment different?

Lenders may round differently, add fees, use a different payment date or apply a variable rate. Always rely on the official disclosure from your lender.

Are the preset examples real rates?

No. They are illustrative starting points. Actual rates depend on your credit profile, the lender, the loan type and market conditions.

Disclaimer: Stateside Money provides general information and educational tools, not financial, legal or tax advice. Consider speaking with a qualified professional before making borrowing decisions.
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