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Loan Calculator
Work out the monthly payment, total interest and total cost of any fixed-rate loan — personal, auto or student.
$
%
Monthly payment
$495.03
Loan amount$25,000
Number of payments60
Total interest$4,701.80
Total repaid$29,701.80
What this does
Enter a loan amount, interest rate and term to see your fixed monthly payment, the total interest you'll pay, and the total amount repaid. Works for car loans, personal loans, student loans and any other amortizing fixed-rate loan.
How to use it
- 1Enter the loan amount.
- 2Set the annual interest rate and the term in months or years.
- 3Read your monthly payment, total interest and total repaid.
Examples
- $25,000 car loan over 5 years at 7% ≈ $495/mo
- $10,000 personal loan over 3 years at 10% ≈ $323/mo
Frequently asked questions
- How is a monthly loan payment calculated?
- It uses the amortization formula: M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 12), and n is the number of monthly payments. Each payment covers that month's interest plus a bit of principal.
- What is the difference between interest rate and APR?
- The interest rate is the cost of borrowing the principal. APR (annual percentage rate) also includes certain fees, so it's usually slightly higher and gives a fuller picture of the loan's cost. This tool uses the interest rate.
- Will paying extra each month save money?
- Yes. Extra payments go straight to principal, which reduces the balance faster and cuts the total interest you pay — often by a surprising amount over the life of the loan.