Loan Calculator
Calculate your loan payment — see total interest and payoff date.
How to Use This Calculator
Enter your loan amount and interest rate. The calculator instantly shows your payment amount, total interest, total cost, and payoff date.
Need to adjust the term or payment schedule? Expand "More options" to change the loan term (1–30 years) or switch between monthly and biweekly payments. Biweekly payments result in 26 payments per year instead of 12 — you'll pay off the loan faster and save on interest.
Share your result
Every input is encoded in the URL. Click Share, send the link — they'll see your exact numbers. No re-entering, no screenshots.
The Formula
The payment is calculated using the standard annuity formula:
Where:
- M = payment amount (monthly or biweekly)
- P = loan principal (amount borrowed)
- r = periodic interest rate (annual rate ÷ number of periods per year)
- n = total number of payments (years × periods per year)
For monthly payments, r = annual rate ÷ 12 and n = years × 12. For biweekly, r = annual rate ÷ 26 and n = years × 26.
Total interest = (M × n) − P. This is the true cost of borrowing — the amount you pay above the original loan.
Example
Alex — financing a used car
Alex is buying a used car for $18,000. The dealer offers 6.5% APR over 5 years with monthly payments.
Alex then checks: what if he shortens the term to 3 years?
Higher monthly payment, but $1,271 saved. Alex chose the 3-year term — the extra $199/month was worth it to be debt-free sooner and pay less overall.