Loan Calculator
Calculate your monthly loan payment and see the total interest cost for any type of loan. Works for personal loans, auto loans, student loans, and any fixed-rate loan.
Loan Calculator
loan calculator
How It Works
Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1] Where: P = Loan Amount, r = Monthly Rate, n = Total Payments
Examples
$25K auto loan at 8.5% for 5 years
Typical new car loan scenario.
Frequently Asked Questions
How do I calculate a monthly loan payment?
Use the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal, r is the monthly interest rate, and n is the number of payments. Our calculator does this instantly.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus other costs like fees, giving a more complete picture of the loan cost.
How can I pay off my loan faster?
Making extra payments toward principal, refinancing at a lower rate, or making bi-weekly payments instead of monthly can significantly reduce your loan term and total interest paid.