Use the free Advanced Loan Calculator on ToolVexa to work out a monthly loan payment, the total amount paid and the total interest. Enter the loan amount, annual interest rate and term in months.
How to Use
Enter the amount borrowed, the annual interest rate as a percentage, and the number of monthly payments, then press Calculate.
Formula in Plain Words
Divide the annual rate by 12 to get the monthly rate. The monthly payment spreads the loan over the term so that each payment covers interest and part of the balance, using the standard amortisation formula.
Worked Example
With a $10,000 loan at 6% per year over 12 months, the monthly payment is about $860.66, the total paid is about $10,327.95, and the total interest is about $327.95.
FAQs
Is this different from a simple loan calculator?
Yes. This version shows the monthly payment together with the total paid and total interest, so you can compare the full cost of a loan.
What if the rate is 0%?
The calculator divides the loan amount by the number of months, because there is no interest to add.
Is this a loan offer?
No. It is an estimate only. Actual loan terms depend on the lender.