Calculate your monthly payments, total interest and total cost instantly — free, no signup
A loan calculator estimates the monthly payment, total cost, and total interest of a fixed-rate amortizing loan based on three inputs: principal (the amount borrowed), annual interest rate, and term (number of monthly payments). It uses the standard amortization formula that banks, credit unions, and online lenders use to structure loan agreements. The FileTools Loan Calculator works for any kind of fixed-rate loan — personal loans, auto loans, student loans, mortgages, or small business financing — and shows a clear breakdown of how much you'll pay each month and how much will go to interest over the loan's lifetime. All calculations happen in your browser; nothing is uploaded or stored.
Common use cases: comparing loan offers from different lenders by looking at total cost rather than just monthly payment; budgeting before applying for a mortgage or auto loan to see what you can afford; deciding between a shorter, higher-payment loan and a longer, lower-payment one; estimating refinance savings; checking how much interest you'd save by paying down a loan faster; evaluating student loan repayment scenarios; understanding the long-term cost of a personal loan or credit card consolidation; and any time you need to know "what would it cost me each month?" before borrowing.
The calculator uses the standard amortization formula:M = P × (r × (1 + r)^n) ÷ ((1 + r)^n − 1)
M: monthly payment
P: principal (loan amount)
r: monthly interest rate (annual rate ÷ 12 ÷ 100)
n: number of monthly payments
Example: $10,000 loan at 5% APR for 36 months gives a monthly payment of $299.71, total cost of $10,789.50, and total interest of $789.50.
Auto loans: 36 (3 years), 48 (4 years), 60 (5 years), 72 (6 years), 84 (7 years).
Personal loans: 12 (1 year), 24 (2 years), 36 (3 years), 48 (4 years), 60 (5 years).
Mortgages: 120 (10 years), 180 (15 years), 240 (20 years), 360 (30 years).
Student loans: typically 120 (10 years) for federal, but can extend to 240-300 months under income-driven plans.
Compare total cost, not just monthly payment. A longer term lowers monthly payments but costs much more in total interest.
Try multiple scenarios. Run the calculator with different rates and terms to see how each affects your total.
Remember excluded costs. For mortgages, add property tax, insurance, and PMI on top. For auto loans, add registration, taxes, and gap insurance.
Watch for fees. Origination fees, prepayment penalties, and closing costs aren't reflected here but affect your true cost.
1. Enter the loan amount in dollars (the principal you want to borrow)
2. Enter the annual interest rate as a percentage (e.g. 5.25 for 5.25%)
3. Enter the loan term in months (multiply years by 12)
4. Click "Calculate"
5. View monthly payment, total payment, and total interest
6. Try different scenarios to compare loan options
✅ 100% free — no signup, no ads in tool, no tracking
✅ Standard amortization formula used by banks
✅ Three clear results: monthly payment, total payment, total interest
✅ Payment breakdown showing principal vs interest
✅ Client-side only — your numbers never leave your device
✅ Works for any fixed-rate loan type
✅ Works on Windows, Mac, Linux, Android, iOS — any browser
The standard amortization formula is: M = P × (r × (1+r)^n) ÷ ((1+r)^n − 1), where M is the monthly payment, P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments. The FileTools Loan Calculator applies this formula automatically — just enter the three inputs.
It works for any fixed-rate amortizing loan: personal loans, auto loans, student loans, mortgages, and small business loans. It does not handle variable-rate loans, interest-only loans, or loans with balloon payments. For mortgages, the result excludes property taxes, homeowner's insurance, and PMI — those are separate costs.
The Loan Term field is in months, so multiply your years by 12. A 5-year loan = 60 months; a 15-year mortgage = 180 months; a 30-year mortgage = 360 months. Auto loans are typically 36-72 months, personal loans 12-60 months, and mortgages 180-360 months.
Total interest is the difference between the total amount you'll pay over the life of the loan and the original principal you borrowed. For a $200,000 mortgage at 6% over 30 years, you'll pay back roughly $431,676 — meaning $231,676 is interest. Lower rates and shorter terms reduce total interest dramatically.
No. This calculator gives a clear estimate of monthly payment and total cost based on the inputs you provide, but real loans involve additional factors: origination fees, prepayment penalties, insurance, taxes, variable rates, and credit score-dependent terms. Always consult a qualified loan officer or financial advisor before signing any loan agreement.
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