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Loan Calculator

Calculate monthly loan payments, total interest over the full term, and compare how rate and term length affect your repayment schedule before signing with a lender.

Estimate monthly loan payments, total interest, and full repayment schedule before you borrow. Uses standard amortization formulas trusted by banks and credit unions worldwide.

Enter loan amount, annual interest rate (APR), and term in months or years. Results update instantly — compare how a 60-month vs. 72-month auto loan changes your payment and total interest paid.

Compare auto, personal, student, and consolidation loan scenarios side by side. All calculations stay private in your browser; we never store your financial inputs.

Even a 0.5% rate difference on a $25,000 five-year loan can save over $300 in interest. Use this tool to negotiate with lenders or verify that a quote matches the advertised APR.

Formula

Monthly Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1] · P = principal, r = monthly rate, n = number of payments

Common Uses

  • ✓Compare loan offers from multiple banks
  • ✓Budget monthly car or personal loan payments
  • ✓Model debt consolidation scenarios
  • ✓Verify lender quotes before signing
  • ✓See total interest cost over the full term

How to Use the Loan Calculator

  1. 1

    Enter loan amount

    Input the total amount you wish to borrow.

  2. 2

    Set the interest rate

    Enter the annual interest rate (APR) offered by your lender.

  3. 3

    Choose loan term

    Select the repayment period in months or years.

  4. 4

    Calculate and review

    See your monthly payment, total interest, and full amortization breakdown.

💡 Tips & Tricks

  • •Even a small reduction in interest rate can save thousands over the loan term.
  • •Making extra payments toward the principal can significantly reduce total interest.
  • •Compare multiple loan offers before committing to get the best rate.

Frequently Asked Questions

How is a monthly loan payment calculated?
Monthly payment = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the principal, r is the monthly interest rate, and n is the number of payments.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus any fees, giving a more complete picture of the loan cost.
Does a longer loan term mean lower payments?
Yes, a longer loan term reduces monthly payments but increases the total interest paid over the life of the loan.
What is an amortization schedule?
An amortization schedule is a table showing each payment broken down into principal and interest portions, along with the remaining balance after each payment.

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