Bankrate Loan Calculator
Calculate monthly payments, total interest, and total cost for a fixed-rate loan. Input loan amount, interest rate, and term to see a detailed amortization schedule.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Bankrate Loan Calculator
- Enter Loan Amount ($): Type the total amount you want to borrow (e.g., 250000). Must be a positive number.
- Enter Annual Interest Rate (%): Input the yearly interest rate as a percentage (e.g., 6.5 for 6.5%). Must be positive.
- Enter Loan Term (Years): Specify the loan duration in whole years (e.g., 30). Must be a positive integer.
- Click "Calculate" or press Enter on any input field.
- View Results: The calculator displays:
- Monthly Payment – fixed amount due each month.
- Total Interest Paid – total interest over the loan term.
- Total Cost – loan amount plus total interest.
- Note: All inputs must be positive numbers. If you see a red error border, correct the value and recalculate.
The calculator uses the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n – 1], where r = monthly interest rate and n = total payments.
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Frequently Asked Questions
A loan calculator helps estimate monthly payments, total interest, and total cost for a fixed-rate loan based on loan amount, interest rate, and term.
The monthly payment is calculated using the formula M = P [ r(1+r)^n ] / [ (1+r)^n – 1 ], where P is loan amount, r is monthly interest rate, and n is number of payments.
This calculator is designed for fixed-rate loans such as mortgages, auto loans, and personal loans. It assumes equal monthly payments throughout the term.
