Loan Calculator
Calculate the monthly payment and total interest for any fixed-rate amortized loan — auto, personal, or student. Enter the loan amount, interest rate, and term in years.
Loan payment
Example: $25,000 at 7% for 5 years ≈ $495.03/month.
How an amortized loan works
A fixed-rate loan is repaid with equal monthly payments that cover the interest owed plus a slice of principal. In the worked example — $25,000 at 7% over 5 years — the payment is $495.03 a month, and you repay $29,702 in all, of which $4,702 is interest. Shorter terms mean higher payments but far less interest; longer terms do the reverse. Every figure here is computed by the same tested engine as the calculator.
Comparing loan offers
When shopping, compare offers on APR rather than the headline rate, since APR includes certain fees. Watch the term, too: a lower monthly payment stretched over more years can cost more overall. And check for prepayment penalties if you plan to pay the loan off early — most personal and auto loans have none, but confirm it.
Frequently asked questions
What kinds of loans does this cover?
Any fixed-rate, fully amortizing loan with equal monthly payments — car loans, personal loans, student loans, and home-equity loans all work the same way. It does not model interest-only loans, credit-card revolving balances, or variable-rate loans.
What is the difference between rate and APR?
The interest rate prices the loan itself; APR also folds in certain fees, so it is usually a little higher and better for comparing offers. Enter the interest rate here for the payment; compare lenders on APR.
How do I lower the total interest?
Borrow less, get a lower rate, or choose a shorter term. A shorter term raises the monthly payment but cuts total interest sharply. Paying extra toward principal has the same effect — the balance falls faster, so less interest accrues.
Is the monthly payment fixed?
For a fixed-rate loan, yes — the principal-and-interest payment is the same every month for the whole term, even though the split between principal and interest shifts over time.
Not financial advice: a general educational estimate. Actual terms depend on your lender and credit. Values are processed locally in your browser and never transmitted. See the methodology page.