Loan Payment Calculator
Work out the monthly payment on a car, personal, or any fixed-rate loan. Enter the amount, interest rate, and term to see the payment and how much interest you'll pay overall.
Principal vs. interest
🚗 Compare loan & refinance rates
Check it outHow loan payments work
A fixed-rate loan is amortized: each payment covers interest on the remaining balance plus a slice of principal. Early payments are mostly interest, later ones mostly principal. A longer term lowers the monthly payment but raises total interest — the trade-off this calculator makes obvious.
How it’s calculated
Monthly payment = P × r ÷ (1 − (1 + r)^−n), where r is the monthly rate and n the number of payments. Total interest = payment × n − principal.
Results update as you type and are estimates, not professional advice — verify important decisions with a qualified professional.
Worked example
$25,000 at 7% over 5 years is about $495/month and ~$4,702 total interest.
Common mistakes
- Comparing monthly payments without comparing total interest.
- Forgetting fees and insurance not included here.
Where it is used
- Estimating a car or personal loan payment.
- Seeing how term length changes total cost.
Frequently asked questions
Does this include taxes, fees, or insurance?
No — it's principal and interest only. Add-ons like taxes, gap insurance, or origination fees are separate.
What rate should I use?
Use the APR you've been quoted. Your actual rate depends on credit score, term, and lender.
How can I pay less interest?
Choose a shorter term, make extra principal payments, or secure a lower rate by improving your credit.
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