Calculate the monthly payment and total interest on a loan.
A loan is repaid in equal monthly payments that cover both principal and interest. Total interest is whatever remains in all the payments after the principal is repaid. Knowing the full interest cost, not just the monthly payment, reveals the true price of borrowing.
Loan Payment
Payment = P x m x (1+m)^n / ((1+m)^n - 1)
Payment = P x m x (1+m)^n / ((1+m)^n - 1) A loan is repaid in equal monthly payments that cover both principal and interest. Total interest is whatever remains in all the payments after the principal is repaid.
Knowing the full interest cost, not just the monthly payment, reveals the true price of borrowing.
This calculator takes 3 inputs: Loan amount, Annual rate, Years. The pre-filled defaults are a realistic starting point — replace them with figures from your own environment for a result you can act on.