Loan Calculator
Calculate your monthly loan payment, total interest and payoff time online free. Free online loan calculator for personal, car and student loans with schedule.
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About the Loan Calculator
A loan calculator works out the monthly payment on a fixed-rate loan, the total interest you will pay and how long it takes to clear the debt. Enter the amount, the annual interest rate and the term — or what you can afford each month — and you get the result together with a yearly or monthly amortization schedule showing how every payment splits into principal and interest.
The payment comes from the standard annuity formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly interest rate (the annual rate divided by 12) and n the number of monthly payments. Early payments are mostly interest; as the balance falls, more of each payment goes to principal. If you add upfront fees, the calculator also shows the APR, the real yearly cost of borrowing once those fees are included.
Use it before taking out a personal, car or student loan to compare offers, to see how much a shorter term saves, or to check how long a debt will take to repay at your current payment. Results assume a fixed rate and on-time payments.
When to use it
- Comparing personal loan offers with different rates and terms
- Budgeting for a car loan after the down payment and trade-in
- Seeing how long a student loan will take to pay off at a given monthly payment
- Finding the true APR of a loan that charges an origination fee
Worked examples
20,000 at 8% over 5 years
The monthly payment is about 405.53, and you pay about 4,332 in interest over the life of the loan.
Shorter term, less interest
Borrowing the same 20,000 at 8% over 3 years raises the payment to about 626.71 but cuts total interest to about 2,562.
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Part of the toolkit
How to use Loan Calculator
- 1Pick a preset (personal, car, student or business loan) or enter your own amount and annual interest rate
- 2Choose 'Find monthly payment' and enter the term, or 'Find payoff time' and enter what you can pay each month
- 3Add upfront fees to see the true APR, then open the yearly or monthly schedule to see principal, interest and balance
Frequently asked questions
How is a monthly loan payment calculated?▾
For a fixed-rate loan the payment is P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly rate (annual rate ÷ 12) and n the number of months. For 15,000 at 11.5% over 5 years that is 329.89 a month.
How long will it take to pay off my loan?▾
Choose 'Find payoff time' and enter your monthly payment. The calculator simulates each month's interest and principal until the balance reaches zero and shows the number of payments.
What is the difference between interest rate and APR?▾
The interest rate only covers interest. APR also spreads upfront costs like origination fees over the loan, so it shows the true yearly cost. Enter your fees to see the APR.
Does a longer term save money?▾
A longer term lowers the monthly payment but increases total interest. Compare terms quickly by changing the years and watching the total interest line.
Can I use this for a car loan?▾
Yes — use the Car loan preset or enter the price minus your down payment and trade-in as the loan amount, then the rate and term in months (for example 60 or 72).
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