CalcKit

Loan Calculator

Estimate monthly payments, total interest and borrowing costs.

Enter your values

Principal borrowed, excluding upfront fees.

Nominal annual rate, without lender fees.

Whole years of monthly payments.

Result

Monthly payment$304.22
Total paid
$10,951.90
Total interest
$951.90
Number of payments
36

This fixed-rate loan is fully repaid through equal monthly payments. Total interest uses unrounded payments, so lender rounding can change the final amount slightly.

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For general information and mathematical estimates. Results are not financial, investment or tax advice.

Formula

Monthly payment = P × i ÷ [1 − (1 + i)^(-N)]; i = annual rate / 1200, N = years × 12. At 0%: payment = P / N.

Worked example

Borrow $10,000 for 3 years at a fixed nominal annual rate of 6%.

Monthly payment is $304.22. Total interest is about $951.90 over 36 payments.

How to use

  1. Enter the principal, excluding fees paid upfront.
  2. Enter the nominal annual interest rate and term.
  3. Calculate and compare monthly affordability with total borrowing cost.

Related calculators

Loan PaymentFind the monthly payment for a fixed-rate installment loan.SavingsProject your balance with monthly deposits and compound interest.PercentageFind a percentage of any number, from small amounts to large totals.

Frequently asked questions

Does this include origination fees or insurance?

No. It assumes principal and interest only. APR disclosures can include fees; entering an APR that includes fees is an approximation of a payment based on the actual note rate.

What type of loan does this model?

A fully amortizing installment loan with a fixed rate and monthly payments starting one month after borrowing. It does not model balloon payments or variable rates.