Loan Calculator
Calculate the monthly payment on any amortized loan — personal loans, car loans, student loans and more. Enter the loan amount, annual interest rate and repayment term to see exactly what the loan will cost you.
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Save ⟶How to use the Loan Calculator
- 1Enter loan amount in the form on the left.
- 2Fill in the remaining fields — the result updates automatically as you type.
- 3Review the highlighted result and the supporting breakdown on the right.
- 4Use Copy, Share or Print to save or send your result.
Understanding amortized loans
Most consumer loans are amortized: you pay a fixed amount every month, and each payment is split between interest (charged on the remaining balance) and principal. Because the balance shrinks each month, the interest portion falls and the principal portion grows until the loan is fully repaid.
The annual percentage rate (APR) is the best number for comparing loans, because it includes most fees as well as interest. A loan with a low advertised rate but high origination fees can cost more than a higher-rate loan without fees.
How to pay less interest
Shorter terms always cost less in total interest, even at the same rate. If the monthly payment of a shorter term fits your budget, it is almost always the cheaper choice.
Extra payments go entirely toward principal, which shrinks every future interest charge. Even one extra payment per year can shorten a five-year loan by several months. Check whether your lender charges prepayment penalties first.
Frequently Asked Questions
▸What types of loans does this calculator work for?
Any fixed-rate amortized loan: personal loans, auto loans, student loans, small business loans and similar. It is not designed for credit cards or interest-only loans.
▸How is monthly loan payment calculated?
Using the amortization formula M = P × r(1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly rate (annual rate ÷ 12) and n is the number of monthly payments.
▸Does paying extra each month help?
Yes — extra payments reduce principal directly, which lowers all future interest and shortens the loan. Most lenders apply extra amounts to principal automatically, but it is worth confirming.