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∑Summatio

Loan Calculator

Calculate monthly payment, maximum loan amount, term, or interest rate for your loan. With amortization schedule and interest comparison.

$
%
months

Monthly Payment

$342.05

Total Cost

$16,418.52

Total Interest

$1,418.52

APR

4.5%

Loan Amount
$15,000.00
Total Interest
$1,418.52
Total Cost
$16,418.52

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What Is the Loan Calculator?

The loan calculator helps you quickly determine the key figures for any personal loan. Whether you are financing a car, a home renovation, or consolidating existing debt, simply enter the basic parameters and get an instant breakdown of monthly payments, total cost, and interest.

Four Calculation Modes

You can use the calculator in four different modes. The default mode calculates the monthly payment from the loan amount, interest rate, and term. Alternatively, you can determine the maximum loan you can afford based on a target payment, find out how long it will take to pay off a loan, or calculate the interest rate that matches your budget.

How Amortization Works

Most personal loans use amortizing payments, meaning the monthly payment stays the same throughout the term. In the early months, a large portion of each payment goes toward interest, while only a small part reduces the principal. As the balance decreases over time, the interest portion shrinks and the principal portion grows. By the end of the term, the loan is fully repaid.

APR vs. Nominal Rate

The nominal interest rate is the base rate charged by the lender. The APR (Annual Percentage Rate) includes all additional fees such as origination charges, making it a more accurate measure of the true cost of borrowing. Our calculator displays both values so you can make informed comparisons between different loan offers.

Tips for Smart Borrowing

Make sure the monthly payment fits comfortably within your budget. A common guideline is to keep total loan payments below 30 to 40 percent of your disposable income. Check whether your loan agreement allows extra payments without penalties, as these can significantly shorten the term and reduce total interest. Always compare the APR across different offers rather than just the advertised nominal rate.

Frequently Asked Questions

The monthly payment is calculated using the annuity formula. The loan amount is multiplied by the monthly interest factor and divided by a repayment factor. This keeps the payment constant over the entire term while the ratio of interest to principal shifts with each payment.
The nominal interest rate is the pure rate charged by the lender without fees. The effective (APR) interest rate includes all additional costs such as origination fees. It reflects the true annual cost of the loan and is better suited for comparing different offers.
Extra payments reduce the remaining balance faster, which shortens the term and significantly lowers total interest. The higher your interest rate, the greater the savings. Check your loan agreement first to make sure there are no prepayment penalties.
A common rule of thumb is that your monthly loan payments should not exceed 30 to 40 percent of your available net income. Use the 'Max. Loan' mode to calculate the maximum loan amount based on your desired monthly payment.
Refinancing makes sense when you can get a significantly lower interest rate than your current loan. The remaining balance should be large enough so that the interest savings outweigh any fees associated with closing the old loan and opening a new one.
No. All calculations run entirely in your browser. No data is transmitted to or stored on any server. You can use this calculator without any privacy concerns.

All calculations are for general informational purposes only. Not financial, tax, or legal advice. No guarantee of accuracy. Use at your own risk. Full disclaimer