Loan Calculator
Monthly payment, total interest & cost of any loan
Comparing a car loan, personal loan or any fixed-rate borrowing? Enter the amount, rate and term to see your monthly payment and exactly how much interest you'll pay.
How loan payments work
A fixed loan is amortized: every month you pay interest on the remaining balance plus a slice of principal. Early payments are mostly interest; later ones mostly principal. A longer term lowers the monthly payment but raises total interest — often dramatically.
Cut your interest
Even a slightly higher monthly payment or a shorter term can save thousands. Try lowering the term and watch the "total interest" drop.
Frequently asked questions
How is a monthly loan payment calculated?
Using the amortization formula, which spreads principal and interest evenly across the term based on the rate and number of payments.
Does a longer loan term cost more?
Yes — a lower monthly payment over more months almost always means you pay more total interest.