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ToolWrenWork out the monthly payment on a loan or mortgage, plus the total interest and total amount repaid, from the loan amount, annual interest rate and term.
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Loan is a free, private online tool that lets you calculate monthly loan or mortgage payments, total interest and total cost from amount, rate and term. It runs entirely in your browser, so nothing you enter is uploaded to a server.
Privacy: this tool runs entirely in your browser. Your input is never sent to, received by, or stored on any server — there are no uploads and no tracking of what you enter.
A fixed-rate loan is repaid in equal monthly instalments. Each payment covers interest on the remaining balance plus a slice of principal, calculated with the standard amortization formula.
Enter the amount, annual interest rate and term in years to get your monthly payment, the total of all payments, and how much of that is interest.
The same maths applies to mortgages, car loans, student loans and personal loans — anything with a fixed rate and term.
P·r·(1+r)ⁿ ÷ ((1+r)ⁿ−1), where r is the monthly rate and n the number of months.A loan calculator works out the monthly repayment on a fixed-rate loan or mortgage, along with the total you will pay over the full term and how much of that is interest. Enter the amount borrowed, the annual interest rate and the term in years, and it reveals the true cost of borrowing, not just the headline rate.
Fixed-rate loans are repaid through amortisation: you pay the same amount every month, but the split between interest and principal shifts over time. Early payments are mostly interest (because the balance is large); later payments are mostly principal. The standard formula is M = P*r*(1+r)^n / ((1+r)^n - 1), where r is the monthly rate and n the number of months.
On a long mortgage, the interest can rival or exceed the amount borrowed. A 30-year loan means 360 payments, so even a modest rate adds up enormously over time. Seeing the total of payments and total interest alongside the monthly figure is sobering, and useful for deciding whether to overpay or choose a shorter term.
Three inputs drive everything. A bigger principal raises the payment proportionally. A higher interest rate raises it more than people expect, especially on long terms. A longer term lowers the monthly payment but increases total interest paid. Experiment with each to see the trade-off between affordability now and total cost later.
This calculator covers principal and interest only. A real mortgage payment may also include property tax, insurance and fees, and rates can be variable. Use it to estimate and compare, then confirm exact figures with your lender. Everything is calculated locally in your browser.