Loan Calculator

This loan calculator shows your monthly payment, total interest, and the true cost of borrowing instantly. Payment on a fixed rate loan depends on three inputs: loan amount, interest rate, and term. The amortization formula spreads repayment across equal installments, with early payments weighted toward interest and later payments weighted toward principal. Enter your loan details and the loan payment calculator displays the payment, lifetime interest, and full payoff schedule with nothing hidden behind a signup.

Example: A $20,000 personal loan at 10% for 5 years has a monthly payment of about $425, with roughly $5,500 in total interest.

Fixed loan payments use the formula M = P [ r(1+r)^n ] / [ (1+r)^n − 1 ], where P is the amount borrowed, r is the monthly rate (annual rate divided by 12), and n is the total number of payments. The payment stays constant, but its composition shifts every month: interest is charged on the remaining balance, so as the balance falls, more of each payment goes to principal. This loan calculator applies the formula automatically and generates the complete amortization schedule from it.

Car loans differ from personal loans because the financed amount isn't just the sticker price. The auto loan calculator mode subtracts your down payment and trade-in value, then adds sales tax, so the loan amount matches what a dealer would actually finance. This is the difference between an estimate and the payment you'll really sign for.

A longer term lowers the monthly payment but increases total interest, since the balance accrues interest for more months. A shorter term costs more per month but far less overall. The loan comparison calculator shows both options side by side with your exact numbers, no re-entering required.

Example: $25,000 at 10% costs $531/month over 5 years ($6,870 interest) versus $330/month over 10 years ($14,640 interest). The lower payment more than doubles the interest.

APR reflects the annual cost of borrowing including certain fees, not just the interest rate. An origination fee deducted from your proceeds means you receive less money but repay the full amount, raising your effective borrowing cost above the stated rate. Enter your fee and the loan calculator shows the effective APR, the number that makes two lender offers genuinely comparable.

Interest accrues on the remaining balance, so every extra dollar of principal eliminates the interest that balance would have generated for the rest of the term. Enter any extra monthly or one-time payment and the loan payoff calculator shows interest saved, months cut, and your new payoff date instantly. Extra payments early in the loan save the most, since the balance is highest and the remaining term longest.

Example: An extra $100 per month on a $25,000 loan at 10% over 6 years saves about $1,600 in interest and pays the loan off roughly 16 months early.

A loan affordability calculator works in reverse: instead of starting from a loan amount, you enter the monthly payment you can comfortably handle plus a rate and term, and it solves for the maximum loan amount that payment supports. This answers "how much can I borrow" directly instead of forcing trial-and-error with different loan amounts.

Example: A $500 monthly budget at 9% over 5 years supports a loan of approximately $24,100.

A car payment calculator is only accurate when it reflects what dealers actually finance: sticker price minus down payment and trade-in value, plus sales tax on the taxable amount. Auto mode handles all three, so the monthly payment shown matches the finance office number rather than a bare loan estimate. This also makes it easy to test how a larger down payment or better trade-in offer changes the payment before you're sitting at the dealership.