If you're wondering how much a loan will cost each month, our Loan Payment Calculator gives you an instant answer and a clear explanation. Here's how to get the most from it. Step 1: Enter the loan amount—the money you plan to borrow. Step 2: Add the annual interest rate. If the lender quotes an APR, use that. Step 3: Choose the term (years or months). The calculator converts terms automatically and shows the exact number of payments. When you press calculate, you'll see: monthly payment, total interest paid, and total cost of the loan. Below the result we also show an amortization snapshot: payment number, interest, principal, and remaining balance. This helps you see how interest declines over time while principal payoff accelerates. Three useful tips: (1) Try a small extra monthly payment and watch how the total interest falls. (2) Move the rate slider by just 0.5% to understand sensitivity—rates matter more than you think. (3) Keep an eye on fees. A small origination fee can change the true cost; we show a field for that, too. Common mistakes: using the promotional rate instead of the real APR, forgetting that variable rates can change, and comparing loans of very different terms. When in doubt, set the same term and compare apples to apples. Use this tool before you accept any offer. A two-minute check can save thousands over the life of a loan.