Estimate a fixed-rate loan's monthly payment, total paid, and total interest. Enter a loan amount, annual interest rate, and term in years. Payments are monthly and the term must contain a whole number of months. This is arithmetic, not financial advice.
This calculator assumes a fixed annual interest rate and equal end-of-month payments. Divide the annual percentage rate by 100 and then by 12 to find the monthly rate. Multiply years by 12 to find the payment count. Compute the standard amortizing payment, then round the monthly payment half-up to cents FIRST. Total paid equals that rounded payment multiplied by the payment count; total interest equals total paid minus the original loan amount. No last-payment adjustment is made. Fees, taxes, insurance, variable rates, and extra repayments are excluded.
r = 0.06 / 12 = 0.005 and n = 30 × 12 = 360. The unrounded payment is approximately $1,199.1010503, which rounds half-up to $1,199.10/month (not $1,199.11). Total paid = $1,199.10 × 360 = $431,676.00; total interest = $431,676.00 − $200,000.00 = $231,676.00. There are 360 payments and no last-payment adjustment.
n = 5 × 12 = 60. $10,000 / 60 = $166.666… rounds half-up to $166.67/month. Total paid = $166.67 × 60 = $10,000.20; total interest = $0.20. The $0.20 is a rounding residual, not charged interest. No last-payment adjustment is made.
r = (annualRatePercent / 100) / 12; n = years × 12 (a whole integer); M = P × r × (1 + r)^n / ((1 + r)^n − 1); If r = 0: M = P / n; monthlyPayment = roundHalfUp(M, 2); totalPaid = monthlyPayment × n; totalInterest = totalPaid − P; No last-payment adjustment
This loan calculator provides general arithmetic estimates and is not financial advice, lending advice, tax advice, or professional advice. It assumes a fixed annual rate and equal monthly payments, rounded half-up to cents with no last-payment adjustment. It excludes fees, taxes, insurance, and extra repayments. Confirm actual repayment terms with your lender or a qualified financial professional.
For monthly rate r and payment count n, M = P × r × (1 + r)^n / ((1 + r)^n − 1). At 0%, M = P / n. The calculator assumes fixed-rate, end-of-month payments.
The monthly payment is $1,199.10, not $1,199.11. Across 360 payments, total paid is $431,676.00 and total interest is $231,676.00.
Monthly payments are rounded half-up to cents before multiplying by the number of payments. At 0%, $10,000 over 5 years gives $166.67 monthly, $10,000.20 total paid, and $0.20 total interest. This is a rounding residual, not charged interest; residuals can also be negative.
Yes, provided years × 12 is a whole integer. For example, 1.5 years gives 18 payments. A term such as 1.1 years is invalid because it gives 13.2 payments.
No. All payments use the same cents-rounded monthly amount. Total paid is rounded payment × number of payments, with no last-payment adjustment.
No. This estimate excludes fees, taxes, insurance, variable rates, and extra repayments. A lender's actual schedule may differ.
No. This calculator is general arithmetic, not financial advice. Verify estimates and lending terms with a qualified financial professional before making a borrowing decision.