How to use the loan calculator
- Enter the amount you want to borrow.
- Enter the yearly interest rate and the loan term in years.
- See your monthly payment, total interest and a year-by-year payment schedule.
About the Loan Calculator tool
Use this calculator for personal loans, car loans, student loans and other fixed-rate loans that are paid back in equal monthly payments. Try different terms to see the trade-off: a longer term lowers your monthly payment but usually means paying much more interest in total.
100% free
No limits, no watermarks and no sign-up.
Private
Results are estimates for information only, not financial advice.
Fast
No uploading or waiting in a queue. Results in seconds.
Works everywhere
Windows, Mac, iPhone, Android and Chromebook.
Frequently asked questions
How is the monthly payment calculated?
It uses the standard loan formula: payment = P × r ÷ (1 − (1 + r)−n), where P is the loan amount, r is the monthly interest rate and n is the number of monthly payments.
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the money itself. APR also includes fees, so it's usually a bit higher. For the most accurate payment, use the interest rate from your loan offer.
What is an amortization schedule?
It shows how each payment is split between interest and paying down the balance. Early payments are mostly interest; later payments are mostly principal.
How accurate is this calculator?
It gives a close estimate for fixed-rate loans. Your lender's numbers may differ slightly because of fees, rounding or payment dates.