Loan Calculator
Estimate your monthly loan payment and total interest in seconds — for any loan amount, rate, or term.
Interactive Loan Calculator
Result
Use this free loan calculator to estimate monthly payments and total interest on any fixed-rate loan — auto, personal, student, or business. The standard amortization formula returns the same monthly figure your lender will quote.
How to use this loan calculator
Enter the loan amount, the annual interest rate, and the term in months. The monthly figure appears instantly, along with total interest and total amount paid over the life of the loan.
Common inputs to verify:
- Loan amount should reflect the principal after any down payment or trade-in, not the sticker price.
- APR is the figure to use, not the base interest rate — APR includes most fees.
- Term is the actual repayment period, in months. A 5-year auto loan = 60 months. A 30-year mortgage = 360 months.
Worked example: $20,000 auto loan at 6.5% over 5 years
You are financing a $20,000 car at 6.5% APR for 60 months.
- Monthly payment: $391
- Total paid over 5 years: $23,461
- Total interest: $3,461
That same loan over 7 years at the same rate drops the monthly payment to $301 but pushes total interest to $5,266 — about 52% more. Stretching the term only makes sense if the lower monthly payment is essential for cash flow.
Add a $50/month extra principal payment, and the loan is paid off 8 months early, saving $460 in interest.
What this calculator does not model
This tool is built for fixed-rate, fully amortizing loans with equal monthly payments. It does not handle:
- Adjustable-rate loans where the interest rate changes mid-term
- Interest-only periods common on commercial real estate and some investor loans
- Balloon payments where a large balance is due at the end
- Revolving credit like credit cards or lines of credit
- Student loan income-driven repayment plans that adjust monthly based on income
For those products, a specialized amortization tool or a direct conversation with the lender is the right starting point.
Tips for using loan calculators effectively
- Always use APR, not the base rate. APR captures the true cost including fees.
- Compare total interest, not monthly payment. A longer-term loan almost always has a lower monthly figure but a much higher total cost.
- Model extra payments upfront. Even $50/month extra on a 5-year auto loan shaves months and hundreds of dollars off the total.
- Re-run when rates change. Refinancing at half a percent lower can save more than shopping for a different lender.
- Add insurance and fees separately. This calculator models the loan only. For auto loans, gap insurance and extended warranties are real monthly costs not captured here.
Related Tools
- Mortgage Calculator – Estimate monthly payments including taxes, insurance, and PMI for home loans.
- Auto Loan Calculator – Calculate car payments with down payment, trade-in, and sales tax.
- Student Loan Calculator – Plan federal or private student loan repayment and refinancing.
- Credit Card Payoff Calculator – Build a snowball or avalanche strategy across multiple debts.
- Mortgage Calculator – See whether refinancing at a lower rate is worth the closing costs.
| Scenario | Rate | Term | Monthly payment | Total interest |
|---|---|---|---|---|
| Short-term personal | 8.5% | 3 years | $632 | $2,752 |
| Auto loan (new car) | 6.5% | 5 years | $391 | $3,461 |
| Auto loan (used car) | 9.0% | 5 years | $415 | $4,891 |
| Student loan refi | 5.5% | 10 years | $217 | $6,037 |
| Long-term personal | 12.0% | 7 years | $349 | $9,335 |
Compare your options
Two methods, three minutes. The honest trade-off table.
This free loan calculator
- + Works for any fixed-rate loan — auto, personal, student, business.
- + Shows full amortization with interest vs. principal split.
- + No signup, no email, runs in your browser.
- − Does not model variable-rate or interest-only products.
Lender's amortization table
- + Includes loan-specific fees and exact payoff dates.
- + Can schedule extra payments and rate changes.
- − Requires a real application and credit pull.
- − Limited to one lender's terms at a time.
Spreadsheet template
- + Maximum flexibility for unusual loan structures.
- + Easy to model what-if scenarios with extra payments.
- − Formula errors are common and hard to spot.
- − Poor mobile experience for quick checks.
Who actually uses Loan Calculator?
Five concrete situations pulled from real sessions, with the exact inputs people paste in.
Know the real monthly cost before signing at the dealership.
Enter the negotiated price, trade-in value, down payment, and the rate the dealer quoted. The monthly figure reveals whether the payment fits your budget once insurance is added.
Compare offers from banks, credit unions, and online lenders.
Run each offer side by side with its actual APR and term. The tool surfaces the cheapest option over the life of the loan, not just the lowest monthly payment.
Plan payoff strategy on federal or refinanced private loans.
Input your current balance and the rate on your consolidation. See how much interest disappears by switching to a shorter term — and whether the monthly payment stays manageable.
Size an SBA loan or line of credit before applying.
Estimate the monthly payment at different terms and rates. Run the figure through your cash flow forecast to confirm the loan is serviceable.
Decide between a HELOC and a fixed-rate home equity loan.
Plug in both products' terms and rates. Compare monthly cost, total interest, and how the draw period vs. repayment period affects cash flow.
A loan calculator that works for any fixed-rate loan — not just mortgages
Most online loan calculators are mortgage calculators rebranded. This tool handles the full range of fixed-rate borrowing — auto, personal, student, business, HELOC — with the same formula and the same clarity. Enter your principal, rate, and term; get a monthly figure, total interest, and a clear picture of what the loan will cost.
One formula, every loan type
The amortization formula is identical across auto, personal, and student loans. Change the term, change the rate, change the principal — the tool handles each scenario without switching modes.
Full amortization schedule
See how each payment splits between principal and interest. Watch the balance shrink over time. The schedule reveals why early loan years are mostly interest.
No data leaves your browser
Run as many what-if scenarios as you want. Inputs never leave your device, and there is no account to create or email to submit.
Instant recalculation
Tweak any input and the monthly payment, total interest, and total cost update immediately. Compare 4 or 5 different term/rate combinations in under a minute.
What you only get here: a single tool that handles auto, personal, student, and business loans with the same accuracy as a lender's amortization table — without requiring an application.