Simple Loan Calculator
Calculate monthly payments, total interest, and total payment for a simple fixed-rate loan.
Published by:
isCalculator Editorial Team
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How to use this tool?
How to Use the Simple Loan Calculator
Follow these steps to calculate your loan payments:
- Enter Loan Amount – Type the total amount you want to borrow (e.g., 10000 for $10,000). Use positive numbers only.
- Enter Annual Interest Rate – Input the yearly interest rate as a percentage (e.g., 5 for 5%). You can use decimals like 4.5.
- Enter Loan Term – Specify the loan duration in whole years (e.g., 10 for 10 years). Must be a positive integer.
- Click "Calculate" – Press the blue button to compute your results.
- Monthly Payment – Your fixed payment due each month.
- Total Interest – The total interest paid over the loan term.
- Total Payment – The sum of principal plus interest.
Results explained:
Note: All inputs must be positive numbers. Interest rate can be zero for interest-free loans. Results are rounded to two decimal places.
Previous Results
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Frequently Asked Questions
It calculates the monthly payment for a fixed-rate loan based on the loan amount, interest rate, and term.
Using the formula M = P [ r(1+r)^n ] / [ (1+r)^n – 1 ], where P is principal, r is monthly interest rate, and n is number of payments.
Yes, for any simple fixed-rate loan such as personal loans, car loans, or mortgages.
