Loan Calculator - Monthly Payment & Interest | Hexa

Why Calculating Loan Payments Matters

Before you borrow money—whether for a mortgage, car, or personal loan—you need to know what you'll pay each month. A $200,000 mortgage at 6% for 30 years costs about $1,199 per month. Over the life of the loan, you'll pay roughly $231,000 in interest—more than the principal. Understanding these numbers helps you compare offers, decide on term length, and budget for the future. Our loan calculator gives you monthly payment, total interest, and total amount in seconds. Enter loan amount, annual rate, and term in months. Results are estimates—lenders may add fees, points, or use slightly different formulas—but you'll have a solid baseline. See Amortization calculator on Wikipedia for the math behind it.

How Loan Amortization Works

The standard formula for a fixed-rate loan: Monthly payment = P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is monthly rate (annual rate ÷ 12), and n is number of payments. Early in the loan, most of each payment goes to interest; later, more goes to principal. Our calculator uses this formula to compute your monthly payment, total interest over the life of the loan, and total amount paid (principal + interest).

Common Loan Types

Mortgages: Typically 15 or 30 years. A longer term means lower monthly payments but more total interest. Use the calculator to compare 15 vs 30 years.

Car loans: Usually 3–7 years. Shorter terms mean higher payments but less interest. Factor in your budget and how long you plan to keep the car.

Personal loans: Terms vary from months to years. Compare offers by entering each lender's rate and term to see the true cost.

Tips for Smarter Borrowing

• Shop rates: A 0.5% difference in rate can save thousands over the life of a loan. Use the calculator to quantify it.
• Consider extra payments: Paying extra toward principal reduces total interest. The calculator shows total cost—see how much you'd save by shortening the term.
• Verify with your lender: Our results are estimates. Lenders may include fees, insurance, or use different rounding. Get a formal quote before committing.

All calculations run locally. We don't store your loan details. Open the loan calculator below. Enter amount, rate, and term. Get monthly payment and total cost. No signup—quick loan estimates for informed decisions.