Easy Loan Calculator for Calculating Monthly Payments

Monthly Loan Payment Calculator Sign

This basic loan payment calculator will help you to quickly calculate the monthly payment and total interest cost for an amount of money you are looking to borrow.

Plus, unlike other calculators that only calculate the interest cost in terms of money, this calculator has an option for calculating the interest cost in terms of your time as well.

In other words, if you enter your real hourly wage, this calculator will tell you how many hours you will you need to work to pay just the interest cost of the loan. If you don't love your work, this could be a real show stopper!

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Monthly Loan Payment Calculator

Calculate loan payment and interest cost in both time and money.

Special Instructions

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Principal:Principal amt:Principal amount:Principal amount to borrow:

Principal amount:

Enter the total amount you are considering taking a loan out for, in numeric characters only (0-9 and decimal point).

Rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the interest rate expressed as a percentage, but without the percent sign (for 6.5%, enter 6.5).

Years:Loan term years:Loan term in years:Loan term in years:

Loan term in years:

Enter the number of years you plan to take to repay the loan (whole years only, i.e., no decimal points).

RHW:Real wage/hour:Real hourly wage (optional):Real hourly wage (optional):

Real hourly wage (optional):

If you would like the calculator to estimate how many hours you will need to work to pay the interest on the loan, enter your Real Hourly Wage (RHW).

If you don't know your RHW, tap/click the link to RHW calculator (opens in new window), or use the Pocalc (pocket calculator) to divide your net take-home pay by the number of hours you worked for it.

Or, if you don't care how many hours you will need to work, just leave the field blank.

Payment:Monthly pmt:Monthly payment amount:Monthly payment amount:

Monthly payment amount:

This is how much your monthly principal and interest payment will need to be in order to pay off the loan within the entered number of years.

Interest:Interest cost:Total interest cost:Total interest cost:

Total interest cost:

This is how much interest you will pay the lender between the beginning of the loan and the payoff of the loan.

Work hrs:Work hours:Work hrs to pay interest:Work hours to pay interest:

Work hours to pay interest:

If you entered your RHW this is how many hours you will need to allocate to working in order to pay just the interest charges on the loan.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools


Borrower be aware.

Key to Getting the Greatest Emotional Return from the Money You Earn

Have you ever ran across a simple loan calculator on a lender website that calculates how many hours you will need to work in order to repay a loan? Of course not.

That's because lenders are trying to sell you a loan. And in attempting to do so, they are going to paint all kinds of pretty mental images showing you how much better your life is going to be once you are approved for the loan.

Of course, the last thing the lender wants you to be aware of is the sacrifice, remorse, and stress you might endure throughout the loan repayment period. So, as with any other purchase decision, it is your job to find out what the lender (seller) is leaving out of their sales presentation.

Critical Questions to Ask Yourself

The key to getting the greatest emotional return out of the money you earn is to accurately forecast the net consequences of your decisions before you make them. To that end, here are a few questions you should be asking yourself before you sign a loan application:

  • If I am using the borrowed money to purchase something that will wear out or become obsolete, will I still be as happy with my decision when I am making the 30th payment?
  • How much over and above the loan amount will I be paying for the privilege of obtaining something before I've actually worked and saved up for it?
  • If borrowing were not an option and I had an amount in savings equal to the principal and interest cost, would I take the money out of savings and make this purchase?
  • How much would my savings account grow to if I skipped this purchase and made the payments to myself instead? (See the Savings Account Interest Calculator)
  • How will I handle the repayment of this loan if my household income suddenly declines or disappears?
  • What is the lender having to do to earn the interest income compared with what I am having to do to pay it?
  • What other, less costly ways might I satisfy the primary function of this expenditure?

Those are the types of questions you should be asking yourself when you consider borrowing from your future income (plus interest).

Please don't let lenders pull the wool over your eyes. Stop to think about what you are giving up in exchange for taking out the loan.

Don't just think about how nice it will be to have what the borrowed money will buy, but also consider how many hours you will need to work in order to earn the after-tax, after-work-related-expense income to repay the loan (that is, if you're fortunate enough to still have a job when each payment comes due).

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.