Loan Calculator

Your monthly payment, total interest and total cost — for any loan.

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Results update instantly as you type.

Monthly payment
$0
Total interest
$0
Total cost of the loan
$0
Number of payments
—
Loan amount
$0

📅 Amortization Summary (by year)

YearPrincipal paidInterest paidBalance left

💵 How to Use This Loan Calculator

  1. 1.Enter the amount you actually receive. For a car or personal loan, that is the price minus any down payment or trade-in, plus any fees rolled into the loan.
  2. 2.Use the APR from the offer. Lenders must disclose it — it is the fairest single number for comparing two loans.
  3. 3.Compare two terms. Run the loan at 3 years and at 5 years. The monthly payment drops with the longer term, but watch how much the total interest grows.
  4. 4.Check the payoff pattern. In the table below the inputs, early payments are mostly interest; later payments are mostly principal. That is why extra payments early in the loan save the most.
  5. 5.Budget with the total cost. The real price of anything bought on credit is the total cost figure — amount plus all interest — not just the monthly payment.

❓ FAQ

How is a monthly loan payment calculated?

With the amortization formula: payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (APR ÷ 12) and n is the number of monthly payments. If the APR is 0%, the payment is simply the amount divided by the number of months.

What is APR?

APR (Annual Percentage Rate) is the yearly cost of borrowing expressed as a percentage. For a simple installment loan it is close to the interest rate; for some loans it also includes lender fees, which makes it the fairest number to compare between offers.

Does a longer loan term save me money?

A longer term lowers the monthly payment but increases the total interest you pay, often by a lot. Try the same amount above with a shorter term and compare the total interest — the difference is the real price of the lower monthly payment.

Is this loan calculator free?

Yes — 100% free, no sign-up, no limits. Everything runs in your browser; none of your numbers are uploaded or saved.