Loan Calculator
Estimate the monthly payment, total interest and payoff time for a fixed-rate auto, personal or student loan.
General estimates for a fixed-rate loan with monthly compounding (annual rate / 12). Not a loan offer; not financial advice.
How the loan calculator works
Your fixed monthly payment comes from the standard amortization formula:
M = P × i(1 + i)n ÷ ((1 + i)n − 1)
where P is the amount borrowed, i is the monthly interest rate (annual APR divided by 12), and n is the number of monthly payments. Early on, most of each payment is interest; as the balance shrinks, more goes to principal.
Example
A $30,000 auto loan at 5% over 5 years (60 months) has a monthly payment of about $566.14, and you would pay roughly $3,968 in total interest. Adding $100/month extra would pay it off sooner and cut the interest further.
Frequently asked questions
Do extra payments help? Yes, they go straight to principal, so you finish sooner and pay less interest.
APR vs interest rate? APR includes certain fees on top of the interest rate, so it is the better number for comparing offers.
Have tax questions about your loan or interest?
Some loan interest is deductible. A tax accountant can help you sort it out.
Find a tax accountant