Free Loan & Mortgage Calculator — Monthly Payments & Total Cost
Whether you are planning a mortgage, car loan, personal loan or business credit, understanding your monthly payment and total borrowing cost before signing is essential. Our loan calculator uses the standard amortization formula to compute exact monthly installments for any fixed-rate loan.
Enter the loan amount, annual interest rate, and duration in years to instantly see your monthly payment, total amount repaid, and total interest cost — giving you a complete picture of what the loan will actually cost over its lifetime.
Understanding Your Loan
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Monthly payment
The fixed amount you pay every month for the duration of the loan.
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Total repaid
The total sum of all monthly payments over the full loan term.
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Total interest
The real cost of borrowing — total repaid minus original principal.
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Interest ratio
Interest as a percentage of the principal — key for comparing loans.
Loan Scenarios
Home mortgageSimulate monthly payments for your property purchase at different rates and durations before meeting with a bank.
Car loanCompare the total cost of financing a vehicle over 36, 48 or 60 months at different dealer rates.
Business creditCalculate the cost of equipment financing or working capital loans for your business plan.
Personal loan comparisonCompare two competing loan offers by calculating total cost — not just the monthly payment.
Frequently Asked Questions
How is a monthly mortgage payment calculated?▼
The formula is: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate (annual rate / 12), and n is the total number of monthly payments (years × 12).
What is the total cost of a €200,000 loan at 3.5% over 20 years?▼
Monthly payment ≈ €1,160. Total repaid ≈ €278,400. Total interest ≈ €78,400 — about 39% of the original loan amount. Our calculator shows all of this instantly.
How does loan duration affect total interest paid?▼
Longer duration = lower monthly payment but significantly more total interest. A €200,000 loan at 3.5% over 30 years costs about €123,000 in interest vs €78,000 over 20 years — a difference of €45,000.
Does the calculator include mortgage insurance?▼
Our calculator computes principal and interest only. Mortgage insurance, property taxes and other fees are not included. These typically add 0.3–1.5% of the loan amount per year and should be factored into your total housing budget.
Can I use this for car loans and personal loans?▼
Yes. The formula works for any fixed-rate, amortizing loan — mortgage, car loan, personal loan, or business loan. Just enter the amount, annual interest rate, and duration in years.
Frequently Asked Questions