Loan Calculator
Calculate the monthly payment, total interest, and total cost for any fixed-rate loan — personal, auto, or any other type.
Monthly payment
$466.59
Total interest
$1,797.36
Total to repay
$16,797.36
How the Loan Calculator works
Enter the amount you want to borrow, the annual interest rate (APR), and the loan term in years. The calculator applies the standard fixed-rate amortization formula to find the monthly payment that pays off the loan exactly by the end of the term.
It also shows the total interest you'll pay over the life of the loan and the total amount you'll repay (principal plus interest combined) — useful for comparing offers with different rates and terms side by side.
Frequently asked questions
How is my monthly loan payment calculated?
This calculator uses the standard amortization formula, which spreads your loan amount plus interest evenly across every monthly payment so the balance reaches zero exactly at the end of your term.
Does this work for any type of loan?
Yes — the math is the same for personal loans, auto loans, student loans, or any other fixed-rate installment loan. It won't match adjustable-rate or interest-only loans, since those don't have a single fixed monthly payment.
Why is my total interest so much higher on longer terms?
A longer term lowers your monthly payment, but you pay interest for more months on a slower-shrinking balance, so the total interest paid over the life of the loan goes up even though each payment is smaller.