Loan Calculator Calculators
Monthly payment, total interest and payoff totals for any fixed-rate loan.
Loan Calculator is a free online tool that monthly payment, total interest and payoff totals for any fixed-rate loan. It runs entirely in your web browser using plain JavaScript, so files are processed on your own device and never uploaded to a server. There is no sign-up, no file size limit imposed by the site, no watermark and no paid tier.
- Price
- Free — no account, no quota, no watermark
- Category
- Calculators
- Where it runs
- In your browser, on your device
- Files uploaded
- None
- Technology
- plain JavaScript
- Settings
- 5
- Works offline
- Yes, after the first visit
About Loan Calculator
The standard amortising formula, P × r ÷ (1 − (1 + r)^−n), where r is the monthly rate and n the number of payments. Every payment is the same size; what changes is the split between interest and principal, which starts interest-heavy and ends principal-heavy.
How to use it
- Enter loan amount, annual interest rate and term (months).
- Adjust the remaining 2 settings if the defaults do not fit your case.
The 5 settings
| Setting | What it does | Default |
|---|---|---|
| Loan amount | A numeric value. | 15000 |
| Annual interest rate | A numeric value. | 7.9% |
| Term (months) | Range 1–600. | 60 |
| Arrangement fee | A numeric value. | 0 |
| Currency | Choose from 7: USD $, GBP £, EUR €, INR ₹, AUD A$, CAD C$…. | USD $ |
Under the hood
| Runs on | plain JavaScript — runs the whole thing |
| Controls | Loan amount, Annual interest rate, Term (months), Arrangement fee, Currency |
Questions
Why does the total repaid exceed the loan by so much?
Because interest accrues on the outstanding balance for the whole term. On a five-year loan at 8% you repay roughly 22% more than you borrowed — the "cost of borrowing" figure makes that explicit.
What does the currency option change?
It offers 7 choices — USD $, GBP £, EUR € and INR ₹ and more. The default is USD $, which suits most cases; change it when your input or your destination calls for something specific.
What are the limits on term (months)?
It accepts 1 to 600, starting at 60.
Is the arithmetic exact?
It uses double-precision floating point — about 15 significant figures, far more than the inputs justify. Displayed rounding is cosmetic; the underlying numbers are not rounded between steps, so chained results do not drift.