Loan Calculator
Calculate loan payments, total interest, and amortization schedule.
Calculator InputsInstant Math
Results & Calculation SummaryVerified
Estimated monthly Payment
$299.71
A loan of $10,000.00 at 5% interest over 3 years results in a monthly payment of $299.71. Total interest paid will be $789.52.
Total Interest Paid
$789.52
Total Loan Cost
$10,789.52
What is Loan Calculator and How is it Calculated?
The CalcTower Loan Calculator determines estimated monthly payments, total interest costs, and full payment amortization schedules for personal, auto, student, or business loans.
36 monthly payments of $299.71 pay off $10,000 loan + $789.52 total interest.
Common Real-World Use Cases
Run the same loan amount at two different rates or terms to see which offer actually costs less in total interest, not just monthly payment.
Check whether a planned personal or auto loan’s monthly payment fits your budget before applying.
Use the amortization schedule to see exactly how much of each payment reduces the balance versus covers interest.
What the Total Interest Figure Means
The total interest amount is the real cost of borrowing - what you pay the lender on top of the amount you borrowed. A lower monthly payment from a longer term usually means paying more total interest overall, since the balance stays higher for longer. Comparing total interest (not just monthly payment) across different rates or terms shows which option is actually cheaper over the life of the loan.
- 1Enter total Loan Amount.
- 2Enter annual Interest Rate (%).
- 3Select Loan Term in years.
- 4Choose Payment Frequency (Monthly, Bi-weekly, Weekly, Annually).
- 5View required periodic payment and total interest paid.
- •Shorter loan terms require higher monthly payments but save significant money in total interest.
- •Click "View Amortization Schedule" to inspect payment-by-payment principal vs interest breakdowns.
Results are estimates for informational and educational purposes and may differ from actual lender, bank, tax, or investment results.
Frequently Asked Questions
Finance Calculators
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