Loan Calculator
Calculate monthly payments and total cost for any type of loan — personal, auto, student, or business.
Monthly Payment
Total Interest
Total Cost
Payoff Date
Interest Saved
How to Use
- Enter the total loan amount you need to borrow.
- Set the annual interest rate (APR).
- Choose the loan term in years.
- Optionally add extra monthly payments to see how much interest you can save.
- Click “Calculate” to see your payment breakdown.
Frequently Asked Questions
How are loan payments calculated?
Monthly payments are calculated using the standard amortization formula. Each payment covers interest on the remaining balance plus a portion of the principal.
How do extra payments help?
Extra payments go directly toward the principal, reducing the balance faster. This shortens the loan term and can save thousands in interest.
What is APR vs interest rate?
APR (Annual Percentage Rate) includes the interest rate plus fees and other costs. It gives a more complete picture of the true cost of borrowing.
Should I choose a shorter or longer loan term?
Shorter terms have higher monthly payments but lower total interest. Longer terms are more affordable monthly but cost more overall.