Loan Calculator

What is the Loan Calculator?

A loan calculator figures out your monthly payment based on the amount you're borrowing, your interest rate, and how long you have to pay it back. People use it before signing anything — whether it's a personal loan from Chase, a student loan, or financing through a credit union. The numbers can shift a lot depending on those three inputs, and CalciHub's tool shows your monthly payment, total interest paid, and total cost of the loan all at once, so nothing catches you off guard later.

How Does It Work?

The calculator uses the standard amortization formula, which spreads your payments evenly across the loan term. Each payment covers that month's interest first, with the rest reducing your balance.

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)

n = total number of payments (loan term in months)

How to Use CalciHub's Loan Calculator

1. Enter the loan amount — the total you're borrowing.

2. Enter the annual interest rate as a percentage (e.g., 7.5).

3. Set the loan term in years or months.

4. Hit Calculate — your monthly payment, total interest, and total repayment amount appear instantly.

Tip: Try adjusting the loan term by a year or two to see how much you'd save in interest — it's often a bigger difference than people expect.

A Quick Example

Sarah wants to borrow $15,000 for home repairs. Her credit union is offering 8% annual interest over 3 years.

Loan amount: $15,000

Interest rate: 8% per year

Term: 3 years (36 months)

Monthly payment: $470.05

Total interest paid: $1,921.80

Total repayment: $16,921.80

That $1,900 in interest is real money — and if Sarah stretched the term to 5 years, her monthly payment drops to $304, but she'd pay nearly $3,200 in interest total. Shorter term, less interest. Simple as that.

Frequently Asked Questions