Finance
Loan Calculator
Forecast the monthly payment, total interest, and payoff cost for any fixed-rate installment loan.
Smoothly estimate payments for cars, student loans, or any fixed-rate installment loan.
Amortized payment
payment = P × r(1 + r)ⁿ ÷ [(1 + r)ⁿ − 1]
P is the principal, r is the monthly interest rate (APR ÷ 12), and n is the total number of payments. The calculator also multiplies payment × n to show total paid and subtracts the principal to find total interest.
How to use
- Enter the loan amount you plan to borrow.
- Provide the annual interest rate (APR) and term length in years.
- Review the payment summary to see monthly cost, lifetime interest, and overall repayment.
Example
Input: Loan amount = $25,000, APR = 6.5%, Term = 5 years
Output: Monthly payment ≈ $489.15
FAQ & notes
Does this calculator include extra fees?
No. The payment formula only factors principal and interest. Add any service fees or insurance manually to the monthly payment if needed.
Can I model bi-weekly payments?
This tool assumes one monthly payment. For alternative schedules, convert the payment plan into an equivalent monthly rate first.