Loan Calculator
Find the monthly payment for any fixed rate loan, whether it is a car loan, personal loan or business loan. Enter the amount you are borrowing, the annual interest rate and the term, and the calculator shows your monthly payment, the total interest, and the total amount you will repay.
$
%
Monthly payment
$400.76
Total interest$4,045.36
Total cost$24,045.36
How it works
Loans use the same amortization formula as a mortgage:
Payment = P × [ r(1 + r)n ] ÷ [ (1 + r)n − 1 ]
Here P is the loan amount, r is the monthly rate (annual rate ÷ 12) and n is the total number of monthly payments. Total interest is simply the total of all payments minus the amount borrowed.
Frequently asked questions
Can I use this for a car loan?
Yes. Enter the financed amount, the annual interest rate and the term in months or years to see the monthly auto loan payment.
What is total interest?
It is the extra you pay on top of the amount borrowed. It equals the sum of every monthly payment minus the original loan amount.
Does a longer term lower my payment?
A longer term lowers the monthly payment but increases the total interest because you are paying interest for more months.