Loan Calculator
Calculate monthly payments, total interest, and total payment for a fixed-rate loan.
Published by:
isCalculator Editorial Team
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How to use this tool?
This loan calculator computes your monthly payment, total interest, and total payment for a fixed-rate loan.
- Enter Loan Amount – Type the total amount you want to borrow (e.g., 10000).
- Enter Annual Interest Rate – Input the yearly interest rate as a percentage (e.g., 5 for 5%).
- Enter Loan Term – Specify the loan duration in whole years (e.g., 5).
- Click "Calculate" – Press the button to see your results.
Results:
- Monthly Payment – Fixed amount due each month.
- Total Interest – Total interest paid over the loan term.
- Total Payment – Loan amount plus total interest.
Note: All monetary values are in dollars ($). The calculator uses the standard amortization formula for fixed-rate loans.
Previous Results
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Frequently Asked Questions
The monthly payment is calculated using the formula M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
Yes, this calculator is designed for fixed-rate loans such as personal loans, auto loans, or mortgages.
If the interest rate is 0%, the monthly payment is simply the loan amount divided by the number of months.
