Loan Calculators
Loan Calculator
Enter a loan amount, interest rate, and term and LoanLab estimates your monthly payment, total interest, and the total you will repay.
Monthly loan payment estimate
Estimated payment, per month
$420.04
Cost over the full term
Estimate using fixed-rate amortization with equal monthly payments. It does not model origination fees, payment protection, or variable rates. Not a loan offer or APR quote.
About this calculator
A free fixed-rate loan calculator for personal and installment loans. It applies standard amortization to turn a loan amount, APR, and term in months into a level monthly payment, then shows the total interest and the total of all payments over the life of the loan. Use it to compare how the rate and term change what a loan really costs. It runs entirely in your browser and is an estimate, not a loan offer or APR quote.
How loan amortization works
A fixed-rate loan is repaid with a level monthly payment, calculated so the balance reaches exactly zero on the final month. Early payments are mostly interest because the balance is largest then; as the balance falls, more of each payment goes to principal. The payment amount never changes — only the split between interest and principal shifts over time.
This is why two loans with the same monthly payment can cost very different amounts. A longer term lowers the payment but keeps you in debt, and paying interest, for longer. The total-interest figure this tool reports is the honest measure of what a loan actually costs.
Rate, APR, and the real cost
The interest rate sets the monthly finance charge, but the APR is the number to compare between offers because it folds in certain fees. This calculator works from the rate you enter and shows principal and interest only — if a loan carries an origination fee, its APR, and its true cost, will be higher than the rate alone suggests.
When you compare two offers, hold the loan amount constant and look at both the monthly payment and the total repaid. A slightly higher payment on a shorter term often saves a large amount of interest over the life of the loan.
Using the estimate to decide
A simple rule keeps borrowing cheap: take the smallest amount over the shortest term whose payment still fits your budget. Use the calculator to find the term where the monthly payment is comfortable but the total interest is not punishing, then confirm the exact figure with a lender quote that lists the APR and any fees.
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Questions
- How is the monthly payment calculated?
- With the standard amortization formula for a fixed-rate loan: the payment is constant each month, and the split between interest and principal shifts toward principal over time.
- Does it include fees?
- No. The estimate covers principal and interest only. Origination fees, payment protection, and late charges are not modeled, so the true cost of a loan with fees will be higher.
- Is it free and private?
- Yes. There is no account and no upload — the amount, rate, and term you enter are calculated in your browser and never stored.
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