How it works
Calculate your monthly loan payments and total interest for any type of loan.
Input query strings and outputs
Use an input name in this page’s URL as ?name=value, and join additional inputs with &. Portable shared links may instead use the compact ?ac= state parameter.
Input query strings
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?loanAmount=Loan Amount ($)Number · Optional · Default: 10,000
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?interestRate=Interest Rate (%)Number · Optional · Default: 5
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?loanTerm=Loan Term (Years)Number · Optional · Default: 5
Outputs
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resultResultText · Primary output
result contains the calculator’s complete rendered result area, including its visible result cards, tables, charts, and messages.
Calculate monthly loan payments
Description
The Payment Calculator is a straightforward tool for determining your monthly financial obligation for any loan. By inputting the loan details, you can quickly see your monthly payment and the total cost of borrowing.
Inputs
- Loan Amount: The principal amount of the loan ($).
- Interest Rate: The annual interest rate (%).
- Loan Term: The length of the loan in years.
Outputs
- Monthly Payment: The calculated monthly installment amount.
- Total Interest: The total interest paid over the life of the loan.
- Total Cost: The total amount paid (Principal + Interest).
Chart
- Pie Chart: Visualizes the split between Principal and Total Interest.
“Good to Know”
- This tool assumes a fixed interest rate and fixed term.
- Use it for quick estimates on personal loans, student loans, or other simple installment loans.
- Understand that the “Total Cost” is the true price of the item you are financing.
Examples
Example 1: Student Loan
- Input:
- Loan Amount: $30,000
- Rate: 5.5%
- Term: 10 Years
- Output:
- Monthly Payment: ~$325
- Total Interest: ~$9,060
- Total Cost: ~$39,060
Example 2: Furniture Financing
- Input:
- Loan Amount: $4,000
- Rate: 0%
- Term: 2 Years
- Output:
- Monthly Payment: ~$166
- Total Interest: $0
- Total Cost: $4,000
Example 3: Personal Loan
- Input:
- Loan Amount: $15,000
- Rate: 10%
- Term: 5 Years
- Output:
- Monthly Payment: ~$318
- Total Interest: ~$4,120
- Total Cost: ~$19,120