Loan Calculator
Enter the amount, rate and term of any loan, personal, car or home, to see what it costs each month and in total.
Loan Details
Optional Monthly Costs
What Is a Loan?
Loan
A loan is money borrowed from a lender (like a bank) that must be repaid over time, usually with interest. At its core, a loan is a financial agreement built on trust and repayment with added cost.
Can be short-term or long-term
Used for education, cars, businesses, or emergencies
Includes personal, auto, and student loans
Mortgage
A mortgage is a specific type of loan used to buy real estate. Think of it as a secured loan tied to land or a home.
The property itself acts as collateral
If unpaid, the lender can foreclose
Typically long-term (15–30 years)
Why Loans and Mortgages Matter
Loans allow people to:
Start businesses
Go to school
Handle emergencies
Mortgages allow:
Homeownership without full upfront payment
Long-term wealth building
Calculate monthly loan payments, total interest, and payoff timelines — for mortgages, auto loans, and personal loans.
Formula
Monthly payment = P × r(1+r)^n ÷ ((1+r)^n - 1), where P = principal, r = monthly rate, n = number of months.
Reference Values
- •$200K mortgage at 6% for 30 years = $1,199/mo
- •Total interest on above = $231,640
- •Doubling rate roughly doubles total interest
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FAQ
Common questions about Loan Calculator
How we calculate this
We use the standard published formula for this calculation, and we show the working so you can check it.
Spotted a mistake? Tell us and we'll check it within a few days. See how we check our calculators.
Financial disclaimer
Results are estimates based on the numbers you enter. Real products have fees, rate changes and rules this tool does not model. Check figures with your lender or a qualified adviser before you decide.