CALCULATOR TOOLS
Loan Calculator
Payment, total interest and schedule for any fixed-rate loan, or the amount due on a loan paid back in one lump sum.
Calculated in your browser – nothing you enter is sent or stored.
Use this loan calculator for any fixed-rate loan: a car, a home improvement project, a business loan or money borrowed from family. Choose monthly payments to see the payment, total interest and a full amortization schedule, or one payment at the end to see how much you will owe on a loan that is repaid in a single lump sum.
How to Use the Loan Calculator
- Choose how the loan is repaid: monthly payments (most loans) or one payment at the end (deferred loans, some business and family loans).
- Enter the loan amount, the interest rate (APR) and the term in years and months.
- For monthly loans, add any upfront fees to see the true APR. For lump-sum loans, choose how often interest compounds.
- Compare terms in the table and download the schedule as CSV.
Loan Payment Formula
For a loan with equal monthly payments: M = P × r ÷ [1 − (1 + r)−n], where P is the amount borrowed, r is the APR ÷ 12 and n the number of months.
Example: $20,000 at 8% for 5 years (60 payments): r = 0.08 ÷ 12 = 0.006667, so M = $405.53 a month. You repay $24,331.67, of which $4,331.67 is interest.
For a loan repaid in one lump sum, interest compounds on the whole balance: amount due = P × (1 + r)n. The same $20,000 at 8% compounded monthly for 5 years grows to $29,796.91 – about $5,465 more interest than paying monthly, because you never pay down the balance.
How the Term Changes the Cost
| $20,000 at 8% | Monthly payment | Total interest |
|---|---|---|
| 2 years | $904.55 | $1,709 |
| 3 years | $626.73 | $2,562 |
| 5 years | $405.53 | $4,332 |
| 7 years | $311.72 | $6,185 |
| 10 years | $242.66 | $9,119 |
A longer term lowers the payment but more than doubles the interest between 5 and 10 years. Choose the shortest term whose payment fits comfortably in your budget.
Interest Rate vs APR
The interest rate sets the payment. The APR (annual percentage rate) also counts required fees such as an origination fee, so it shows the true yearly cost of borrowing. Lenders must disclose the APR under the federal Truth in Lending Act. Enter a fee in the calculator and it works out the APR for you: a $20,000, 5-year loan at 8% with a $500 fee has an APR of about 9.08%.
Which Loan Calculator Should I Use?
- Buying a home: mortgage calculator, which adds tax, insurance and PMI.
- Buying a car: auto loan calculator, with sales tax and trade-in.
- Unsecured loan with an origination fee: personal loan calculator.
- College debt: student loan calculator.
Sources
- CFPB – What is the difference between a loan interest rate and the APR?
- Federal Reserve – Consumer Credit (G.19), interest rates on consumer loans
- FTC – Truth in Lending Act
Last reviewed: October 2026 by the ShrinkBee team. Results are estimates for planning and education, not financial, tax, legal or medical advice.
Personal Loan Calculator Amortization Calculator Car Payment Calculator Interest Calculator