Modern
Loan Calculator
Simple fixed-rate loans
Calculate monthly payments, total interest, and total cost for a fixed-rate personal loan.
Loan Setup
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How It Works
M = P × [ r(1 + r)ⁿ ] / [ (1 + r)ⁿ − 1 ]
P = principal · r = monthly rate · n = months
P = $20,000 · 7% annual · 5 years
- 1r = 0.07/12 ≈ 0.005833, n = 60
- 2M ≈ 20,000 × 0.01980 = 396.02
- 3Total interest = 396.02 × 60 − 20,000
Result: ≈ $396.02 / month · $3,761 total interest
Pro Tip
Even 1% lower APR saves thousands over a 5-year loan.
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Calculatore.net Team
Our team of finance and math specialists builds every calculator with industry-standard formulas, then verifies each tool hands-on. Learn more in our blog & guides.