Loan Calculator

The monthly payment is the number that decides whether a loan fits your budget—or slowly stretches it. Our loan calculator turns an advertised rate into a concrete dollar amount, so you can see exactly what you are committing to before you sign anything.

This tool estimates the fixed monthly payment on a standard amortizing loan. Enter the amount you want to borrow, the annual interest rate, and the repayment term in years. It returns your monthly payment, the total amount you will repay, the total interest cost, and a year-by-year amortization schedule that breaks down how much of each payment goes to principal versus interest.

1. Enter the loan amount — the total principal you plan to borrow.
2. Enter the annual interest rate — use the APR for the most accurate cost estimate.
3. Select the loan term — common terms range from 3 to 7 years for auto and personal loans, and 10 to 25 years for student loans.
4. Review your monthly payment — this is the fixed amount due each month.
5. Check the amortization schedule — see how much interest you pay each year and how fast the balance drops.

• Auto loan: Compare dealer financing against a bank or credit union offer before buying a vehicle.
• Personal loan: Estimate payments for home improvements, medical bills, or unexpected expenses.
• Student loan: Model repayment under different terms or interest rates after graduation.
• Debt consolidation: See whether combining high-interest credit cards into a single loan lowers your monthly cost and total interest.

Suppose you borrow $20,000 for a personal loan at 8.99% APR over 4 years. The monthly interest rate is roughly 0.749%, and there are 48 payments. Using the amortization formula, the fixed monthly payment comes to about $497.61. Over the full 48 months, you will repay approximately $23,885.08, which means the loan costs $3,885.08 in total interest. In the first year, a larger share of your payments covers interest, while later years shift toward paying down principal.

• Compare APRs, not just interest rates. Fees can turn a low advertised rate into a more expensive loan.
• Make extra principal payments early. Reducing the balance sooner shrinks the total interest you pay.
• Do not stretch the term only for a lower payment. A longer loan often costs significantly more in interest over time.