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Loan calculator

Find the monthly payment, total interest and full payoff schedule for an auto loan, personal loan or any fixed-rate installment loan.

Your loan details

Auto, personal or any fixed-rate installment loan.

$
%
Monthly payment
$0 / month

Total interest
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Total cost
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Payoff date
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Principal vs. interest

Balance over time

Amortization schedule

Year-by-year breakdown of principal, interest and remaining balance.

YearPrincipalInterestBalance
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How loan payments work

A fixed-rate loan splits every payment between interest and principal using the same amortization formula as a mortgage. The payment never changes, but its makeup does: interest is charged on the remaining balance, so the interest share shrinks every month.

Payment = P x r(1 + r)^n / ((1 + r)^n - 1)

Stretching the term lowers the monthly payment but raises the total interest, often by thousands. Compare the total cost figure, not just the monthly payment, before choosing a term.

Before you sign

  • APR vs. rate: APR includes lender fees, so it is the fairer number for comparing offers.
  • Check for prepayment penalties: paying extra principal is the cheapest way to cut interest.
  • Dealer financing with a low rate sometimes forfeits a cash rebate worth more than the rate saves.
  • Keep total car costs (payment + insurance + fuel) under roughly 15 to 20% of take-home pay.

Loan calculator FAQs

How is a loan monthly payment calculated?
With the amortization formula: payment = P x r(1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly rate and n is the number of payments. Interest is charged on the remaining balance, so the interest share shrinks every month while the payment stays flat.
What is the difference between APR and interest rate?
The interest rate is what the lender charges on the balance. APR (annual percentage rate) folds in lender fees and other charges, so it is the fairer number when comparing offers from different lenders.
Does a longer loan term save money?
No. A longer term lowers the monthly payment but raises the total interest, often by thousands of dollars. Always compare the total cost figure, not just the monthly payment, before choosing a term.
Is it worth paying extra principal on a loan?
Usually yes, unless the loan has a prepayment penalty. Extra principal payments reduce the balance that future interest is charged on, which shortens the loan and cuts total interest. It is the cheapest way to reduce what a loan costs.
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