About this calculator
A loan’s monthly payment is easy to focus on — but the total interest is what really tells you the cost of borrowing. This calculator shows both, so you can compare terms and rates and see how much a loan truly costs over its life.
How it works
The monthly payment is worked out with the standard amortization formula, which spreads the loan plus interest evenly across every month of the term. A longer term lowers the monthly payment but increases the total interest; a higher rate raises both.
Frequently asked questions
What does the monthly payment include?
Principal and interest. It does not include extras some loans add, such as insurance or fees — check your specific agreement.
Why does a longer term cost more overall?
Lower monthly payments mean you borrow the money for longer, so you pay interest for more months — raising the total interest even if each payment is smaller.
Is this exact?
It is a close estimate using standard amortization. Your lender’s figure may differ slightly due to rounding, fees or the exact rate.
Does it work for any loan?
Yes — car loans, personal loans, mortgages and more, as long as they use fixed regular payments.