Calculate loan interest and monthly payments with our free loan calculator.

Quickly calculate loan interest, monthly payments and total interest paid upon balance payoff. Or use our new home loan calculator, mortgage refinance calculator, or credit card interest calculator.

How to use our loan calculator: In the first box, enter the loan repayment duration in months (1 year = 12 months, etc). In the next box, input the interest rate provided by the lender (if you have not yet been given an interest rate, enter an estimate). In the third box, type in the amount of money to be borrowed. Finally, click on the "Calculate Loan Payments" button to be shown your monthly payments and the loan interest total.

About loan interest - Author: Credit Federal: Interest represents the money borrowers pay to lenders for credit over a specified period of time. The amount of interest paid depends on the loan dollar amount, the length of time for re-payment, the annual rate of interest, the repayment schedule, and the method used to calculate interest.

When more than one payment is made on a simple interest loan, the method of computing interest is referred to as "interest on the declining balance." Since the borrower only pays interest on that amount of original principal that has not yet been repaid, interest paid will be smaller the more frequent the payments.

 

Need more information? View our other tools to calculate loan interest, and join our online financial newsletter.

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