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Loan Calculator🔒 100% local
Calculate monthly loan payments, total interest, and amortization. Privacy-first, no server uploads.
Works out the fixed monthly payment for a loan from three inputs, the amount borrowed, the annual interest rate and the term in years, and shows the total repaid and the interest on top of it. The rate is divided by twelve and compounded monthly in the standard amortization formula; a rate of 0 falls back to amount divided by the number of payments. The arithmetic runs in the page.
How to use it
- Enter the amount you are borrowing.
- Enter the annual rate as a percentage and the term in years.
- Press Calculate for the monthly payment, the total paid and the interest paid.
Worked example
principal 250000, rate 6.5%, term 30 yearsbecomesMonthly Payment: $1580.17
Total Payment: $568861.22
Total Interest: $318861.22
Loan Amount: $250,000
Interest Rate: 6.50%
Loan Term: 30 yearsA 250,000 loan at 6.5% over 30 years means 360 payments at a monthly rate of 0.065 divided by 12. The total and the interest are summed from the unrounded payment, which is why 360 times the displayed 1580.17 (568,861.20) is two cents short of the total shown.
When to use it
- Getting a monthly figure before a viewing or a call with a lender, rather than working from a rough rule of thumb.
- Comparing a 15-year and a 30-year term on the same amount to see what the extra years cost in interest.
- Checking the payment a dealer quoted against the rate and term they wrote down for you.
What it does not do
- This is principal and interest only. Property tax, homeowners insurance, mortgage insurance, HOA dues and closing costs are all left out, so a real mortgage payment will be higher than the number here.
- The model assumes a fixed rate, a fixed term and monthly payments. Interest-only periods, balloon payments, biweekly schedules and adjustable rates are all outside it.
- The rate is divided by 12, so it is a nominal annual rate with monthly compounding. A loan quoted with an effective annual rate produces a slightly different payment than the one shown.
- Figures are displayed to the cent but computed in full, so twelve monthly payments from this page will not always add up to a lender's statement exactly.