Free calculator
Loan Interest Calculator
This calculator adds up the interest a fixed-rate loan charges over its whole term, assuming every payment is made on time. It also shows the payment and the total repaid.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
How this calculator works
Interest is the price of borrowing. This tool totals it across the life of a fixed-rate loan.
Payment = P × i ÷ (1 − (1 + i)−n)
Total interest = payment × n − P.
- P — the amount borrowed
- i — the monthly rate (annual rate ÷ 1,200)
- n — the number of monthly payments
A higher rate or a longer term raises the total. Paying extra toward principal, or choosing a shorter term, lowers it.
Enter your own rate, since pricing depends on the lender and your credit profile.