๐ต Loan Calculator
Calculate the monthly payment, total interest, and total cost for any personal, auto, or fixed-rate loan.
About Loan Calculator
This tool calculates the fixed monthly payment for any loan with a set interest rate and term โ personal loans, auto loans, student loans, or any other installment debt. Enter the loan amount, the annual interest rate, and the term in years or months, and it returns your monthly payment along with total interest and total amount repaid over the life of the loan. It's a quick way to compare offers or see how changing the term or rate shifts the numbers.
It uses the standard amortization formula: M = P ร [r(1+r)^n] / [(1+r)^n โ 1], where P is the loan amount, r is the monthly interest rate (annual rate รท 12), and n is the total number of payments. This is the same math behind nearly every fixed-rate installment loan โ each payment is identical in size, but the mix of interest versus principal within it shifts every month as the balance goes down.
This estimate assumes a fixed rate that doesn't change and doesn't include fees some lenders add on top of interest, like origination fees, which can make the effective cost of a loan higher than the stated rate suggests. If your loan has a variable rate, an origination fee, or is interest-only for a period, your actual payment and total cost will differ from what's shown here.
Frequently asked questions
Does this work for any loan type?
Yes โ the math applies to any fixed-rate, fixed-term loan: personal loans, auto loans, student loans, and more.
What if my loan has a variable rate?
This calculator assumes a fixed rate for the full term. For a variable-rate loan, your actual payment will change if the rate changes.
Does this include origination fees or other charges?
No โ this calculates payments based only on principal and interest at the rate you enter. Origination fees, prepayment penalties, and other lender charges aren't included, so the true cost of a loan with fees will be higher than this estimate.
What's the difference between interest rate and APR?
The interest rate is what's used in this calculator's payment math. APR (annual percentage rate) also factors in certain fees, spreading them across the loan term to give a more complete cost figure โ which is why comparing loans by APR rather than interest rate alone is usually more accurate.
How much does extending the loan term reduce my monthly payment?
Payments shrink as term lengthens because the same balance is spread over more months, but total interest paid rises โ you're borrowing the money for longer, so more interest accrues even though each individual payment is smaller.