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Calculate the monthly payment, total interest, and total cost of any fixed-rate loan.
A loan calculator is a tool that turns a loan amount, interest rate, and repayment term into a single monthly payment figure — and, importantly, shows how much of the total you'll actually pay once interest is added on top. It answers the question every borrower asks: 'How much will this really cost?' The math behind it is the standard amortization formula, the same one your bank, car dealer, or mortgage broker uses; the only variables are how long you borrow for and what rate you pay. This calculator assumes a fixed interest rate and equal monthly payments, which is how the vast majority of personal, auto, and standard home loans work. Everything runs in your browser — nothing is sent to a server or stored.
Type the principal — the amount you're borrowing after any down payment or trade-in. For a mortgage, this is the price minus the down payment; for a car loan, the price minus trade-in minus cash down.
Use the APR the lender quoted you, not the 'nominal' rate. If you're shopping, enter a rate you expect to qualify for based on your credit — 0.5% higher or lower makes a meaningful difference on long loans.
3–7 years is typical for auto loans, 2–5 for personal loans, and 15 or 30 for mortgages. Longer terms lower the monthly payment but raise the total interest you pay.
The monthly payment appears instantly, along with the total interest you'll pay over the life of the loan and the grand total (principal + interest). Compare those numbers before signing — the monthly figure is what you budget, but the total cost is what you actually pay.
M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1) where: M = monthly payment P = principal (loan amount) r = monthly interest rate (annual ÷ 12 ÷ 100) n = total number of payments (years × 12) e.g. $25,000 auto loan, 6.5% APR, 5 years: P = 25000 r = 0.065 ÷ 12 = 0.005417 n = 60 M = 25000 × 0.005417(1.005417)⁶⁰ / ((1.005417)⁶⁰ − 1) M ≈ $489.15 per month total paid = 489.15 × 60 = $29,349 total interest = 29,349 − 25,000 = $4,349
This is the standard fixed-rate amortization formula. Each monthly payment is identical, but early payments are mostly interest and later payments are mostly principal — the balance shifts over the life of the loan. A zero-interest loan is a special case that divides principal evenly across the term (the formula above would divide by zero; the calculator handles that explicitly). Variable-rate loans, interest-only loans, and balloon payments require different math and aren't covered here.
Reference: Wikipedia — Amortization calculator
| Loan terms | Monthly / total interest |
|---|---|
$25,000 · 6.5% APR · 5 years | $489.15 · $4,349 interest Typical auto loan. Total paid over 60 months: $29,349. |
$300,000 · 7.0% APR · 30 years | $1,995.91 · $418,527 interest 30-year fixed mortgage. You pay more in interest than the house cost — classic long-term trade-off. |
$300,000 · 7.0% APR · 15 years | $2,696.48 · $185,367 interest Same loan, 15-year term: monthly payment is ~$700 higher, but you save $233,160 in total interest. |
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