Loan Calculator
Any loan — car, personal, student. Amount, rate and term in; monthly payment and total interest out.
Example — $10,000 at 5% for 3 years$299.71 per month
How we got it — the example, step by step
- Monthly rate: 5% ÷ 12 ≈ 0.4167% per month. Payments: 3 × 12 = 36.
- Payment formula gives $10,000 × 0.004167 ÷ (1 − 1.004167^−36) = $299.71.
- Total repaid over the 36 months: $10,789.52, of which interest is $789.52.
Check it backwards
The balance table reaches $0.00 exactly at payment 36 when this payment is applied month by month.
Questions people also ask
Is a loan with a lower monthly payment cheaper?
Not usually. A longer term lowers the payment but adds months of interest — compare the total interest figure, which this page always prints next to the payment.