Estimate your monthly loan payment in seconds. This free loan calculator works for personal, auto, student and home-improvement loans — enter your loan amount, interest rate and term to see your total interest, payoff date, and how much an extra payment could save you.
Loan details
$
%
$
Monthly payment
— /mo
Enter your loan amount, rate and term
Total interest
—
Total of payments
—
Payoff time
—
Payoff year
—
Results update automatically as you type. Estimates only — confirm exact figures with your lender.
Use this free loan calculator to estimate your monthly payment, total interest and payoff date in seconds. It works for personal, auto, student and home-improvement loans — just enter your loan amount, interest rate and term to see exactly what the loan will cost.
What this loan calculator shows you
A loan calculator estimates your monthly payment from three inputs: the loan amount, the interest rate (APR) and the loan term. This tool also calculates your total interest, your total cost, and your payoff date — and it shows how much you’d save by adding an extra payment each month.
Knowing the full cost before you borrow helps you compare offers fairly. Two loans with the same monthly payment can differ by thousands of dollars in total interest once the term and rate are factored in, which is exactly what this calculator reveals.
How to use the loan calculator
Enter the loan amount. The total amount you plan to borrow.
Add the interest rate. Use the APR your lender quoted — this includes most fees.
Set the loan term. Switch between years and months to match your offer.
Add an extra payment (optional). See how paying more each month cuts your interest and payoff time.
Read your result. Your monthly payment, total interest and payoff date update instantly.
How loan payments are calculated
Your fixed monthly loan payment is found using the standard amortization formula:
Each payment is split between interest and principal. Early on, more of your payment goes to interest; as the balance falls, more goes to principal. That schedule is called amortization.
Loan payment example
Suppose you borrow $25,000 at 7.5% APR over 5 years (60 months):
Detail
Amount
Monthly payment
$501
Total interest
$5,057
Total of payments
$30,057
Payoff time
5 years
Now add just $100 extra per month: you’d pay the loan off about 11 months early and save roughly $1,014 in interest — proof that even small extra payments add up fast.
What affects your loan payment?
Loan amount — a bigger principal means a bigger monthly payment and more total interest.
Interest rate (APR) — even a 1% difference can change your total cost by hundreds or thousands.
Loan term — a longer term lowers the monthly payment but raises total interest.
Extra payments — paying more than the minimum shortens the term and cuts interest.
How to pay off a loan faster
Pay a little extra each month. Any amount above the minimum goes straight to principal.
Make biweekly payments. Half-payments every two weeks add up to one extra payment a year.
Round up your payment to the nearest $50 or $100 for an effortless boost.
Refinance to a lower rate if your credit has improved since you borrowed.
Apply windfalls — tax refunds or bonuses — directly to the balance.
Confirm your lender has no prepayment penalty before paying ahead. Most personal and auto loans allow it, but it’s worth checking.
Loan terms glossary
Term
What it means
APR
Annual percentage rate — your yearly cost of borrowing, including most fees.
Principal
The original amount you borrowed and still owe, not counting interest.
Amortization
The schedule of how each payment splits between principal and interest over time.
Term
The length of time you have to repay the loan, in months or years.
Fixed rate
An interest rate that stays the same for the whole loan term.
Prepayment penalty
A fee some lenders charge if you pay the loan off early.
Loan Calculator FAQ
How is a monthly loan payment calculated?
A monthly loan payment uses the amortization formula M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments (years × 12). Each payment covers interest first, with the rest reducing your principal.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal. The APR (annual percentage rate) includes the interest rate plus most lender fees, so it reflects the true yearly cost of the loan and is the best number for comparing offers.
Does paying extra each month really help?
Yes. Any amount above your minimum payment goes straight to the principal, which lowers the balance interest is charged on. On a $25,000 loan at 7.5% over 5 years, paying $100 extra a month saves about $1,014 in interest and clears the loan roughly 11 months early.
Should I choose a longer or shorter loan term?
A shorter term has higher monthly payments but far less total interest. A longer term lowers the monthly payment but costs more overall. Choose the shortest term you can comfortably afford.
What is amortization?
Amortization is the schedule that shows how each payment is split between interest and principal over the life of the loan. Early payments are mostly interest; later payments are mostly principal.
Can I use this for personal, auto and student loans?
Yes. Any fixed-rate installment loan — personal, auto, student or home-improvement — works the same way, so this calculator handles all of them. Just enter the loan amount, rate and term.
Is the loan calculator free to use?
Yes, this loan calculator is completely free, needs no sign-up, and gives instant results directly in your browser.
