Loan Calculator
Calculate monthly payments and total interest for any type of loan including personal, auto, and student loans. Enter your loan amount, interest rate, and term to get started.
How the loan calculator Works
This tool uses the following formulas to compute results:
Monthly payment: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]P = principal, r = monthly interest rate, n = number of monthsAnnual rate → monthly rate: r = annual rate / 12 / 100
About Loan Calculator
Calculate monthly payments and total interest for any type of loan including personal, auto, and student loans. Enter your loan amount, interest rate, and term to get started.
Use the inputs above to calculate your result instantly. Results update automatically as you type. All calculations happen in your browser, so your data is never sent to a server.
Frequently Asked Questions
What is amortization?
Amortization is the process of paying off a loan through fixed periodic payments. Early payments cover more interest; later payments cover more principal.
How is APR different from interest rate?
APR includes the interest rate plus fees and other loan costs, giving a more complete picture of the loan's true cost.
Can I pay off my loan early?
Most loans allow early repayment, but some charge prepayment penalties. Check your loan agreement for details.
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