Loan Calculator
Calculate monthly payments for a personal, auto, or student loan.
Inputs
Allowed range: 0 to 10000000
Allowed range: 0 to 100
Allowed range: 1 to 50
Results
How it works
Same amortization math as a mortgage. Adjust the loan amount, rate, and term to compare offers.
Complete guide
Personal, auto, and student loans typically use the same amortization math as a mortgage: a fixed monthly payment that gradually shifts from mostly interest to mostly principal as the balance shrinks. Knowing the true monthly cost — and the total interest — is the only honest way to compare two offers.
Enter the amount you're borrowing, the APR the lender quoted, and how many years you have to repay. APR (annual percentage rate) is more useful than the headline interest rate because it bundles in most fees.
Example: a $20,000 auto loan at 8% over 5 years costs about $406/month and roughly $4,332 in total interest. The same loan over 7 years drops the monthly payment to ~$312 but adds nearly $2,000 in interest.
Always compare offers using the same term length. A lower monthly payment from a longer term is not the same as a cheaper loan.
Frequently asked questions
- What's the difference between APR and interest rate?
- Interest rate is the cost of borrowing the principal. APR adds in lender fees, so it's a more accurate cost-comparison number.
- Will paying weekly or biweekly save money?
- Yes, if your lender applies extra payments to principal immediately. Biweekly schedules result in one extra full payment per year.
- Is a longer term always cheaper monthly?
- Yes monthly, but you pay much more in total interest. Pick the shortest term you can comfortably afford.
- What credit score do I need for a good rate?
- Generally 720+ qualifies for the best advertised rates on personal and auto loans. Below 620 typically means substantially higher rates or denial.