Loan Payment Calculator
Whether it's a car, a personal loan, or student debt, knowing your monthly payment before you borrow helps you budget and compare offers, and this calculator uses the standard amortization formula to estimate your monthly payment and the total interest you'll pay over the life of the loan. Enter the loan amount, the annual interest rate (APR), and the loan term in years, and the calculator returns your monthly payment, the total interest paid, and the total amount you'll repay. The trade-off between term and total cost is the key insight: a longer term lowers your monthly payment but raises the total interest you'll pay, sometimes dramatically, while a shorter term raises the payment but cuts the total cost, so the calculator helps you choose the shortest term whose payment fits your budget. Comparing offers from multiple lenders is essential because APRs vary widely based on your credit, and even a 1% difference in rate adds up to a meaningful amount over a multi-year loan. The APR should include most fees, making it the best single rate to compare offers, since the interest rate alone excludes fees and understates the true cost. This calculator works for any amortizing loan — personal, auto, student, or any installment loan with a fixed rate and term — and it's useful both before you borrow, to see the true cost and whether the payment fits your budget, and after, to compare the cost of different terms or to decide whether accelerating payoff saves enough interest to be worth it.
Loan Payment Calculator
Calculate monthly payments and total interest for any loan.
Monthly payment
$501
Over 60 months
Total interest paid
$5,057
Total paid
$30,057
This uses the standard amortization formula. Shorter terms mean higher payments but far less total interest — compare terms to find the right balance for your budget.
About This Calculator
Whether it's a car, a personal loan, or student debt, knowing your monthly payment before you borrow helps you budget and compare offers, and this calculator uses the standard amortization formula to estimate your monthly payment and the total interest you'll pay over the life of the loan. Enter the loan amount, the annual interest rate (APR), and the loan term in years, and the calculator returns your monthly payment, the total interest paid, and the total amount you'll repay. The trade-off between term and total cost is the key insight: a longer term lowers your monthly payment but raises the total interest you'll pay, sometimes dramatically, while a shorter term raises the payment but cuts the total cost, so the calculator helps you choose the shortest term whose payment fits your budget. Comparing offers from multiple lenders is essential because APRs vary widely based on your credit, and even a 1% difference in rate adds up to a meaningful amount over a multi-year loan. The APR should include most fees, making it the best single rate to compare offers, since the interest rate alone excludes fees and understates the true cost. This calculator works for any amortizing loan — personal, auto, student, or any installment loan with a fixed rate and term — and it's useful both before you borrow, to see the true cost and whether the payment fits your budget, and after, to compare the cost of different terms or to decide whether accelerating payoff saves enough interest to be worth it.
Disclaimer: This calculator provides estimates for educational purposes only and does not constitute financial, tax, or investment advice. Results depend on assumptions that may not reflect your actual situation.
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Written by
James MitchellSenior Financial Analyst & Personal Finance Expert
Certified Financial Planner (CFP) • MBA in Finance, University of Chicago Booth School of Business