Finance
Loan & Installments Calculator
Monthly installment, total paid and total interest.
Monthly installment
$499.24
× 24
Total paid
$11,981.78
Total interest
$1,981.78
How it works
This calculator uses the amortized-payment formula (constant monthly installments) — the standard for personal loans, mortgages and car loans.
Formula:
PMT = PV × i / (1 − (1 + i)⁻ⁿ)
PV = loan amount, i = monthly rate, n = number of installments.
Practical examples
$10,000 · 1.5%/mo · 24 months
Installment $499.24 · Total $11,981.68 · Interest $1,981.68.
$50,000 · 2%/mo · 36 months
Installment $1,961.16 · Total $70,601.82 · Interest $20,601.82.
Frequently asked questions
Is this APR or monthly rate?
Enter the monthly rate. For APR, divide by 12 as an approximation (or use (1+APR)^(1/12)−1 for exact compounding).
Does this include fees?
No. Origination fees, insurance and taxes are extra. Check the contract for the total effective cost.