Loan Calculator
Calculate your monthly payment and total interest for any installment loan — personal, auto, student or home. Enter the loan amount, interest rate and term to see your repayment schedule totals.
How it works
M is the monthly payment, P the principal, r the monthly interest rate, and n the number of monthly payments. The formula calculates the fixed monthly payment needed to repay the loan with interest.
M = P · r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)Worked examples
Auto loan
A 25,000 auto loan at 7% for 5 years gives a monthly payment of about 495.03.
Personal loan
A 10,000 personal loan at 12% for 3 years gives a monthly payment of about 332.14.
Frequently asked questions
What is the difference between APR and interest rate?
APR includes the interest rate plus most loan fees, giving a truer picture of the loan's annual cost.
How do I lower my monthly payment?
Extend the loan term, borrow less, or find a lower interest rate. Note that a longer term usually means more total interest.
Does this calculator include fees?
No. It covers principal and interest only; origination and other fees are excluded.
Results are estimates provided for information only and do not constitute financial, legal or tax advice. Consult a qualified professional before making financial decisions.
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