Loan Calculator

Calculate monthly payments, total interest, and payment schedules for personal, auto, and student loans.

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Total Interest—
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How to Use the All-in-One Loan Calculator

Estimate fixed monthly installments, total interest charges, and payoff timelines for personal loans, car financing, and student debt.

Personal Loans

Usually unsecured loans for debt consolidation, home improvements, or unexpected emergencies with fixed terms from 2 to 7 years.

Auto Loans

Secured by the vehicle itself, featuring competitive interest rates and payment terms typically spanning 36, 48, 60, or 72 months.

Student Loans

Educational financing with standard 10-year repayment terms, lower fixed rates, and potential deferment or income-driven options.

The Amortization Formula

Monthly payments are calculated using standard actuarial formulas:

M = P [ r(1 + r)n ÷ ((1 + r)n − 1) ]
  • M: Total fixed monthly payment
  • P: Principal loan amount borrowed
  • r: Periodic monthly interest rate (Annual Rate ÷ 12)
  • n: Total number of monthly installments

Pay Off Debt Faster with Extra Payments

Most loans allow penalty-free principal prepayments. Adding extra money to your monthly bill yields two massive benefits:

  • Instant Principal Reduction: Every additional dollar reduces your remaining balance directly.
  • Compounding Interest Savings: Less principal means less interest charged in every subsequent month, advancing your loan completion date.

Frequently Asked Questions

Answers to common questions about loan terms, amortization, and interest rates.

Monthly payments are calculated using standard amortization mathematics: M = P [r(1 + r)^n] / [(1 + r)^n - 1], where P is the borrowed amount, r is the monthly interest rate, and n is the number of scheduled installments.

Personal loans are generally unsecured with terms of 2 to 7 years. Auto loans are secured by the vehicle with terms of 3 to 6 years and lower interest rates. Student loans feature fixed low interest rates with terms typically spanning 10 to 20 years.

Every extra dollar paid above your regular monthly installment goes directly toward paying down the principal balance. This reduces the balance on which future interest is calculated, shortening the payoff duration and saving substantial money.

An amortization schedule is a complete monthly payment breakdown showing how each installment is split between reducing the principal balance and paying accrued lender interest over the entire life of the loan.

The interest rate is the base cost of borrowing the principal amount. The Annual Percentage Rate (APR) reflects the true annual cost of borrowing, incorporating both the interest rate and any additional origination fees or lender processing charges.