Estimate monthly payments instantly.
Enter three things — the amount you are borrowing (the principal), the annual interest rate, and the term in years — and the calculator returns your fixed monthly payment, the total you will pay over the life of the loan, and how much of that total is interest. That last figure is the one most people underestimate, and it is the most useful thing this tool shows you.
Fixed-rate loans use amortization: every month you pay the same amount, but the split between interest and principal shifts over time. Early on, most of your payment is interest because the balance is large; near the end, most of it goes to principal. That is why paying a little extra in the first few years saves disproportionately more interest than the same extra later — you are knocking down the balance while it is still big.
Borrow $20,000 over 5 years at 7%: the monthly payment is around $396, and you repay roughly $23,760 in total — about $3,760 of it pure interest. Stretch the same loan to 7 years and the monthly payment drops, but the total interest rises, because you are borrowing the money for longer. Lower monthly cost almost always means higher lifetime cost — this calculator lets you see that trade-off before you commit.
The figure here is the pure principal-and-interest payment. A real mortgage bill usually also includes property tax, homeowners insurance, and sometimes PMI or HOA fees — which can add a meaningful amount on top. For a car or personal loan the estimate is close to your real payment; for a home, treat it as the baseline and add those extras separately.
Does a longer term save me money?
It lowers the monthly payment but raises the total interest, because you hold the debt longer. Shorter terms cost more each month and less overall.
How much does the interest rate really matter?
A lot, especially on big or long loans. Even one percentage point can change the lifetime cost by thousands — try a couple of rates here to see it.
Are my numbers sent anywhere?
No. The calculation runs entirely in your browser; nothing you enter is transmitted or stored.