Easy Loan Calculator: Estimate Monthly Payments & Total Cost Instantly
Estimate loan payments fast: enter annual rate, term and amount, then read the monthly and total cost. Example—3.6 % for 10 years on $30,000 → $298.81 per month. Average U.S. personal-loan APR hit 11.23 % in 2023 (Federal Reserve, 2023).
Loan Calculator
Monthly Payment:
Total Payment:
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How to use the tool
1 — Annual Interest Rate (%): type your yearly rate. Try 3.6 % or 7.9 % for contrast.
2 — Loan Term (years): enter repayment length. Example inputs: 10 or 4.
3 — Loan Amount ($): add principal. Test with 30000 or 8500.
4 — Compute Payment: click to see results—Monthly Payment and Total Payment.
Behind-the-scenes formula
Fixed-rate loans follow the amortization equation:
$$
M = P rac{r(1+r)^{n}}{(1+r)^{n}-1}
$$
M = monthly payment, P = principal, r = monthly rate (annual ÷ 12 ÷ 100), n = total months.
Example A: $30,000, 3.6 %, 10 years
r = 0.036 / 12 = 0.003
n = 10 × 12 = 120
M ≈ $298.81
Total paid ≈ $35,857.20
Example B: $8,500, 7.9 %, 4 years
r = 0.079 / 12 ≈ 0.00658
n = 4 × 12 = 48
M ≈ $206.75
Total paid ≈ $9,924.00
Quick-Facts
Average personal-loan APR: 11.23 % (Federal Reserve G.19, 2023).
Typical mortgage term: 30 years (Freddie Mac PMMS, 2023).
Average new-car loan length: 69.7 months (Experian State of Auto Finance, 2023).
Personal-loan sizes range $1,000–$100,000 (CFPB Consumer Loans Report, 2022).
FAQ
What formula does the calculator use?
It applies the fixed-rate amortization formula shown above, producing equal monthly installments until the balance reaches zero (Federal Reserve, 2020).
How does a higher rate change my payment?
Your payment rises roughly $13 per month for every extra percentage point on a $10,000 five-year loan (Bankrate Calculator, 2023).
What is the difference between total payment and total interest?
Total payment equals principal plus interest; subtract the original amount to see interest only (CFPB, 2022).
Can I model bi-weekly payments?
No—this tool assumes monthly schedules. Divide your term into 26 payments yearly to approximate bi-weekly amortization.
How accurate are the results?
Results match lender tables within cents because the formula mirrors Truth-in-Lending actuarial rules (Reg Z §1026.22).
May I compare scenarios quickly?
Yes—change a field, press compute again, and jot down each monthly figure for side-by-side review.
Does the calculator support adjustable-rate loans?
No, adjustable loans need separate calculations for each rate reset; use lender-provided tools for ARM estimates (Fannie Mae, 2023).
Is there a penalty for early payoff?
The tool ignores prepayment fees; check your contract because some personal loans charge 1–5 % of the outstanding balance (NerdWallet, 2023).
Important Disclaimer
The calculations, results, and content provided by our tools are not guaranteed to be accurate, complete, or reliable. Users are responsible for verifying and interpreting the results. Our content and tools may contain errors, biases, or inconsistencies. We reserve the right to save inputs and outputs from our tools for the purposes of error debugging, bias identification, and performance improvement. External companies providing AI models used in our tools may also save and process data in accordance with their own policies. By using our tools, you consent to this data collection and processing. We reserve the right to limit the usage of our tools based on current usability factors. By using our tools, you acknowledge that you have read, understood, and agreed to this disclaimer. You accept the inherent risks and limitations associated with the use of our tools and services.
