Loan Calculator
Estimate the monthly payment, total interest and total repayment on any fixed-rate loan from its principal, APR and term.
How to Use
- Enter the loan amount, the annual interest rate (APR), and the loan term in months or years.
- The result shows an estimated monthly payment, total interest paid over the life of the loan, and the total amount repaid.
- For a mortgage, auto loan, or business loan specifically, the dedicated Mortgage, Auto Loan and Business Loan calculators add fields specific to those loan types (like a down payment or trade-in) — this tool is the general-purpose version for any other fixed-rate loan.
Formula
- Monthly rate
- monthly_rate = APR ÷ 100 ÷ 12
- Monthly payment
- payment = principal × monthly_rate ÷ (1 − (1 + monthly_rate)^−months)
- Total repayment
- total_repayment = payment × months
- Total interest
- total_interest = total_repayment − principal
Worked Example
A $10,000 loan at 8% APR over a 36-month term.
- Monthly rate: 8 ÷ 100 ÷ 12 ≈ 0.006667
- Payment: $10,000 × 0.006667 ÷ (1 − 1.006667⁻³⁶) ≈ $313.36
- Total repayment: $313.36 × 36 ≈ $11,281.09
- Total interest: $11,281.09 − $10,000 ≈ $1,281.09
Result: Estimated monthly payment: $313.36 / Total interest: $1,281.09 / Total repayment: $11,281.09 / Term: 36 months (3 years)
About This Tool
What this tool does
This calculator estimates the level monthly payment for any fixed-rate, fully amortizing loan — the standard structure where every payment is the same amount and the loan is fully paid off at the end of the term — along with the total interest and total amount repaid.
When to use it
Use it for any personal or general-purpose loan (a personal loan, debt consolidation loan, or similar) where you know the principal, rate and term but don't need the vehicle- or home-specific fields the Auto Loan or Mortgage calculators add.
What the result means
The monthly payment, total interest and total repayment are all estimates based on the numbers you entered — a real loan's actual terms depend on the lender's specific product, fees, compounding convention and underwriting.
Assumptions & limitations
This tool assumes a fixed interest rate for the full term, monthly compounding, and a level (equal) monthly payment — the most common structure for personal term loans, but not the only one lenders use. It does not include origination fees, closing costs, prepayment penalties, or any other charges a real loan may carry, and the loan term must convert to a whole number of months. This is a mathematical estimate only — it is not a loan offer, a pre-qualification, or a lending recommendation, and Calcoryn does not provide financial, tax, or legal advice.