Loan payment calculator
Enter the amount, rate and term from any fixed-rate loan offer to see what it will cost you each month and in total.
Monthly payment
$0
- Total interest
- $0
- Total of all payments
- $0
- Paid off by
- –
Show the year-by-year schedule
| Year | Paid | Principal | Interest | Balance left |
|---|
How the monthly payment is calculated
Most personal loans, auto loans and other installment loans are amortizing: you pay the same amount every month, and each payment covers that month’s interest first. Whatever is left goes toward the balance. Early payments are mostly interest; by the end, nearly every dollar goes to principal.
The calculator uses the standard amortization formula. The monthly rate is the APR divided by 12, and the payment is set so the balance reaches exactly zero after the last month.
Why the term matters as much as the rate
A longer term lowers the monthly payment but gives interest more months to pile up. On a $10,000 loan at 14% APR, a three-year term costs about $342 a month and roughly $2,300 in interest. Stretch it to five years and the payment drops to about $233, while total interest climbs to nearly $4,000.
If the lower payment is what makes the loan workable, that trade can be worth it. Just check whether the loan lets you pay extra or pay it off early without a penalty, so you can shorten the term later.
What this calculator leaves out
- Origination fees. If the fee is taken out of the loan, you receive less than you borrow. Use the loan comparison tool to see the effect.
- Variable rates. If your rate can change, your payment can too.
- Late fees and add-ons such as optional credit insurance.
For a step-by-step look at reading an offer, see why the cheapest loan isn’t always the lowest rate.
How to use these results. Estimates assume a fixed rate and on-time payments and are for illustration only. Your lender’s disclosures are the final word on your rate, fees and payment.