Loan Calculator
Calculate the monthly payment, total interest, and total repayment for any fixed-rate loan - personal loans, debt consolidation, or any installment loan.
Monthly payment
$300.57
What Your Result Means
Your monthly payment is the fixed amount you would pay each month to fully repay the loan over the term you entered. The total interest shows how much extra you pay on top of the original loan amount because of interest charges.
How It Is Calculated
Calqora uses the standard amortizing loan formula:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments.
Worked Example
A $15,000 loan at 7.5% annual interest over 5 years results in a monthly payment of about $300.57. Over the life of the loan, you would pay roughly $3,034 in total interest, for a total repayment of about $18,034.
Important Assumptions
- Assumes a fixed interest rate for the full loan term.
- Assumes equal monthly payments (standard amortization).
- Does not include origination fees or other lender charges.
Frequently Asked Questions
- What is amortization?
- Amortization is the process of paying off a loan through fixed, regular payments. Early payments go mostly toward interest, while later payments go mostly toward principal.
- Can I use this for a car loan?
- Yes, though our dedicated Auto Loan Calculator also factors in trade-in value and sales tax for a more accurate car payment estimate.
- Does a longer term always cost more?
- A longer term lowers your monthly payment but generally increases the total interest you pay over the life of the loan, since interest accrues for more months.
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Methodology
This calculator uses the standard fixed-rate amortization formula. See our methodology page for details.
This calculator provides estimates for educational purposes only. Actual rates, taxes, insurance, fees, and lender terms may differ. It does not constitute financial advice - consult a qualified financial professional before making financial decisions.