Loan calculator
The monthly payment on a fixed-rate loan is M = P × r ÷ (1 − (1 + r)^−n), where r is the yearly rate ÷ 12 and n the number of months: 10,000 at 5% for 36 months is 299.71 a month. Enter your loan to see the payment, total interest and the full schedule.
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How to use Loan Calculator
- Enter the amount you want to borrow.
- Enter the yearly interest rate (APR).
- Enter the term in years or months.
- Read the monthly payment and total interest, then check the yearly schedule and chart.
About Loan Calculator
Results assume a fixed rate, monthly payments and interest charged monthly on the remaining balance, which is how most personal, car and student loans work. Payments are shown rounded to cents; the last payment absorbs rounding so the balance ends at exactly zero. Your lender's figures may differ slightly if they round each payment or charge interest daily.
Is it private?
Yes. Loan Calculator runs entirely in your web browser. What you type is never sent to Nolo or anyone else, and the page cannot send it anywhere: its security policy only allows it to talk to nolotools.com, which has no place to receive data. Nothing is stored either: close the page and it is gone. How Nolo works.
Questions and answers
How is the monthly payment calculated?
With the standard annuity formula M = P × r ÷ (1 − (1 + r)^−n): P is the amount, r the monthly rate (APR ÷ 12) and n the number of monthly payments. Each payment is the same; early payments are mostly interest.
Does it include fees or insurance?
No. It calculates principal and interest only. Add fees to the amount if they are rolled into the loan.
What is an amortization schedule?
A table of every payment showing how much goes to interest and how much reduces the balance. The yearly summary adds up the 12 payments of each year.
Is this the same as an EMI calculator?
Yes. EMI (equated monthly instalment) is the same fixed monthly payment.
Are my numbers sent anywhere?
No. Everything is calculated in your browser with JavaScript. Nothing you type is uploaded, stored on a server or tracked, and the calculator works offline once the page has loaded.