Loan calculator
Find the monthly payment and the true cost of a car, personal or student loan before you sign.
Monthly payment
$495.03
60 payments · paid off Oct 2031
- Principal84%
- Interest16%
- Total interest
- $4,701.80
- Total repaid
- $29,701.80
- Interest share
- 15.8%
- Payoff date
- Oct 2031
Balance by year
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,327.45 | $1,612.91 | $20,672.55 |
| 2 | $4,640.28 | $1,300.08 | $16,032.27 |
| 3 | $4,975.73 | $964.63 | $11,056.54 |
| 4 | $5,335.42 | $604.94 | $5,721.12 |
| 5 | $5,721.12 | $219.24 | $0.00 |
How to use the loan calculator
- Enter the amount you want to borrow.
- Enter the annual interest rate (APR) from your offer.
- Choose the term in years or months.
- Read the monthly payment, total interest and the yearly balance table.
About this calculator
Most consumer loans are amortized: you pay the same amount every month, and each payment covers that month’s interest first, with the rest reducing the balance. The calculator shows the payment, the total you will repay and how much of it is interest.
Change the term to see the trade-off. A longer term lowers the payment but raises the total interest, often by thousands of dollars. The schedule below the result shows the balance at the end of every year.
Amortized loan payment
M = P × r / (1 − (1 + r)⁻ⁿ)
P is the amount borrowed, r the monthly rate (APR ÷ 12 ÷ 100) and n the number of months. With a 0% rate the payment is simply P ÷ n.
Example
A $25,000 car loan at 7% for 5 years costs about $495 a month. You repay about $29,700 in total, so roughly $4,700 is interest. Over 6 years the payment drops to about $426, but interest rises to about $5,700.
Frequently asked questions
Estimates for planning only. Your lender’s disclosure is the binding figure.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal. APR adds most lender fees, so it reflects the real yearly cost. Use the APR here for the most realistic comparison between offers.
Does paying a loan early save money?
Yes, on simple-interest loans like most auto and personal loans, paying early reduces the balance that interest is charged on. Check that your loan has no prepayment penalty first.
How long should a car loan be?
Shorter is cheaper. Many buyers aim for 48 to 60 months; 72 or 84 months lowers the payment but costs much more in interest and can leave you owing more than the car is worth.
Can I use this for a student loan?
Yes, for a fixed-rate loan in repayment. Income-driven plans and loans still in deferment work differently and are not modeled here.