Money Tools

Loan Interest Calculator

Estimate monthly payment, total interest, and total amount paid for a loan using the scheduled term or your own monthly payment target.

Updated April 11, 2026
Free online tool
Planning and research use

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Why this page exists

A lower monthly payment can make a loan feel manageable, but the full cost usually depends on how much interest builds over time. This calculator helps you see the monthly payment, total interest, and total paid so you can compare borrowing options with clearer numbers.

Interactive tool

Run the estimate

Enter your numbers and read the result first, then use the sections below to understand what affects the outcome.

Calculator

Loan interest calculator

Estimate monthly payment, total interest, and total paid for a loan using either the scheduled payment or your own monthly payment target.

Result

$500

Estimated monthly payment, total interest, and total paid based on the loan amount, rate, and term you entered.

Estimated monthly payment$500

Total interest paid$4,986

Total amount paid$29,986

Loan term5 years

Interest adds about $4,986 over the full 5.00-year term.
Shorter terms usually raise the monthly payment but lower the total interest cost.
If you want to test a faster plan, switch to a custom monthly payment and compare the payoff time.

Use this as a planning estimate only. Actual loan offers, fees, and payment structures vary by lender.

Planning note

Last updated April 11, 2026. Use this tool to compare scenarios and plan ahead, then confirm important details with the lender, employer, insurer, contractor, or other qualified provider involved in the final decision.

How it works

What the calculator is doing

Enter the loan amount, interest rate, and loan term to estimate the scheduled monthly payment and overall loan cost.

If you want to test a faster repayment plan, switch to the custom payment option and enter the monthly amount you may actually pay.

Review the monthly payment, total interest, and total amount paid to see whether the loan still fits your budget over time.

Understanding your result

The monthly payment matters for cash flow, but the total interest is often what changes the decision. Comparing both numbers helps you see whether a longer term or smaller payment is worth the extra borrowing cost.

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Examples

Ways people use this tool

Example scenarios help turn a quick estimate into a more useful comparison or planning step.

Compare a 5-year and 7-year plan

Run the same loan amount at two different terms to see how a lower payment can still raise the total interest sharply.

Test a faster payment plan

Use the custom monthly payment option to see how much interest may fall if you pay more than the scheduled amount.

Check a borrowing decision before signing

Estimate the full cost of a loan early so the monthly payment is not the only number driving the decision.

FAQ

Common questions

When should I use the custom monthly payment option?

Use it when you expect to pay more than the scheduled amount or want to test whether a higher monthly payment meaningfully lowers total interest.

What happens if the payment is too low?

If the payment does not cover monthly interest, the calculator warns that the loan will not pay down under those assumptions.

Does this include loan fees or taxes?

No. This estimate focuses on principal and interest only, so origination fees, taxes, and insurance should be added separately if they matter for the loan.

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Keep comparing

Use these related tools to compare nearby scenarios, check a second estimate, or keep narrowing down the right decision.

Money ToolsUpdated April 11, 2026