Free Loan Calculator
Estimate your monthly payment, total interest, and payoff date in seconds. No signup, no ads, no data collection.
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Estimated Monthly Payment
$2,178/mo
Total Interest
$141,998
Total Months
180
Total Cost
$391,998
Payoff Date
May 2041
How we calculate this
We use the standard amortization formula:
M = P × [r(1 + r)n] / [(1 + r)n − 1]
- P
- Principal — the loan amount you entered
- r
- Monthly interest rate — your annual rate divided by 12
- n
- Number of monthly payments — your loan term in months
This uses the standard PMT formula used by banks, credit unions, and federal student loan servicers. Results are estimates — actual payments may vary with lender-specific rounding, taxes, insurance, and fees.
Read full disclaimer →Based on current averages • Not financial advice
Reviewed by the LoanVerity Financial Content Team
Every calculator on LoanVerity is built using standard financial formulas (PMT amortization, compound interest) and reviewed for mathematical accuracy by our editorial team. We're an independent educational platform — not a lender, broker, or financial advisor.
Methodology & Sources
Our calculator formulas are based on publicly documented financial methodologies and validated against the following authoritative sources:
- CFPB — Loan Basics Guide
Federal guidance on interpreting loan estimates, APR, and total cost disclosures
- Federal Reserve — Consumer Credit Data (G.19)
National average auto loan and personal loan APRs, updated monthly
- Investopedia — Amortization & PMT Formula
Standard amortization methodology used in all LoanVerity calculators
- CFPB — Debt Collection & Payoff Guidance
Federal guidance on debt payoff strategies and consumer rights
- Behavioral Finance Research — Debt Repayment Adherence
Peer-reviewed study on snowball vs. avalanche adherence rates
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How to Use This Loan Calculator
This loan calculator is designed for personal loans, debt consolidation, small business financing, or any fixed-rate installment loan where you know the amount, APR, and term. Enter your loan amount, the annual percentage rate (APR), and the loan term in months. The calculator will instantly show your estimated monthly payment, total interest cost, and payoff date.
When comparing loan offers, focus on total interest paid — not just the monthly payment. A longer term lowers your monthly payment but significantly increases the total interest you pay over the life of the loan. Use this calculator to run multiple scenarios before signing any agreement.
This calculator shows principal and interest only. It does not include property taxes, homeowners insurance, private mortgage insurance (PMI), origination fees, or prepayment penalties. For a complete cost estimate, add those items separately. All results are educational estimates — not a loan offer or commitment.
All results are educational estimates. Not financial advice. Full disclaimer
Content reviewed by financial education specialists. Editorial policy •