Loan Calculator

Calculate monthly loan payments, total interest paid, and view a full amortization schedule. Works for personal loans, auto loans, student loans, and more.

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How to Use the Loan Calculator

  1. Enter the loan amount — the total amount you want to borrow.
  2. Enter the annual interest rate — your loan's APR as a percentage.
  3. Enter the loan term — in years or months.
  4. Click Calculate to see your monthly payment, total cost, interest paid, and amortization schedule.

This calculator uses the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n — 1], where M = monthly payment, P = principal, r = monthly interest rate, n = total months. Results are estimates — your actual payments may vary based on fees, compounding, and lender terms.

How Loan Payments Work

Most loans use amortization, where each monthly payment covers both interest and principal. In the early years, a larger portion goes to interest. Over time, more of each payment reduces the principal balance. This calculator uses the standard amortization formula to show your exact monthly payment, total interest cost, and total amount paid over the life of the loan.

Types of Loans

Personal loans: Unsecured loans for general use, typically 3–7 year terms at 6–36% APR. Auto loans: Secured by the vehicle, usually 3–6 years at 3–10% APR. Student loans: Federal (fixed rates, flexible repayment) or private (variable rates). Home equity loans: Secured by your home, often used for renovations or debt consolidation.

Tips for Getting Better Loan Terms

Improve your credit score before applying — a 50-point increase can save thousands in interest. Compare offers from multiple lenders including banks, credit unions, and online lenders. Consider shorter loan terms for lower total interest, even if monthly payments are higher. Make extra payments toward principal when possible to pay off the loan faster and save on interest.