Free calculator
Simple Loan Calculator
This simple loan calculator computes interest without compounding, using the original principal for the whole term, then shows the total due and the equal monthly share.
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
Simple interest is charged on the original principal for the whole term. It does not compound, so the interest never earns interest of its own.
Interest = P × annual rate ÷ 100 × (months ÷ 12).
- P — the principal
- annual rate — the yearly percentage you enter
- months — the length of the loan in months
Total due = P + interest. Dividing that by the number of months gives the equal monthly share if the loan is repaid in level installments.
Rates vary by lender and credit profile, so enter your own figure.