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3-step workflow · seconds

Work out a loan payment in three steps

No sign-up and nothing uploaded: the maths runs on this page as you type.

  1. STEP 01

    Type the loan

    The amount you borrow, or a car's price with your down payment, trade-in and sales tax.

    Loan or car
  2. STEP 02

    Add APR and term

    The APR from your offer and the length in months or years.

    Up to 50 years
  3. STEP 03

    Read the payment

    Monthly payment, total interest, payoff date and the full schedule.

    To the cent
Guide

How to use this loan calculator

On a phone the amount, APR, term and the monthly payment all fit on the first screen. Extra payments and car details fold away until you need them.

Checked against the CFPB auto loan shopping sheet. Remembers your inputs for next time (in this browser only)
  1. 1

    Loan amount or car price

    Pick Loan amount for a personal or any fixed-rate loan. Pick Car price to build the amount financed from the sticker price.

  2. 2

    APR

    Type the annual percentage rate from your loan offer. It is the rate plus lender fees, so it compares offers fairly.

  3. 3

    Term and first payment

    Months or years (switching keeps the same length). The first payment date sets the dates in the schedule and the payoff month.

  4. 4

    Schedule and extra payment

    Switch the schedule between monthly and yearly, download it as CSV, and try an extra amount each month.

How it works

The monthly payment formula, step by step

A fixed-rate loan is paid in equal monthly payments. Each payment covers that month's interest, and the rest pays down the balance.

Payment = P × r ÷ (1 − (1 + r)^−n)

P is the amount borrowed, r the APR ÷ 12 as a decimal, n the number of months. At 0% APR the payment is simply P ÷ n.

1. The payment

$25,000 at 6.5% APR for 60 months. r = 0.065 ÷ 12, n = 60.

  • Payment $489.15 a month
  • 60 payments
  • Total $29,349.20

2. The first month

Interest is the balance × r, rounded to the cent. The rest of the payment pays down the balance.

  • Interest $135.42
  • Principal $353.73
  • Balance $24,646.27

3. The last month

Interest is now tiny. The last payment settles the cent rounding so the balance ends at exactly zero.

  • Last payment $489.35
  • Interest $2.64
  • Balance $0.00

The CFPB calls this amortization: early payments go mostly to interest and later ones mostly to principal, so the balance falls slowly at first. Total interest on the example is $4,349.20. The same formula gives $353.22 for the CFPB worksheet's $15,800.00 at 3.5% for 48 months, the figure the CFPB prints.

APR vs interest rate

APR or interest rate: which one to type

The CFPB's advice: compare APRs to APRs, never an APR to an interest rate.

Interest rate

The cost of borrowing the money

What the lender charges on the balance. It sets how the payment splits between interest and principal.

  • On the balance, each month
  • Doesn't include fees
  • Not for comparing offers
APR

The rate plus lender fees

The annual percentage rate adds fees such as origination charges, so two offers with the same rate can have different APRs.

  • Rate plus fees, as a yearly rate
  • On every loan disclosure
  • Use it to compare offers

If your lender quotes both, type the APR to compare offers, or the interest rate to match the payment on your contract. When fees are paid in cash rather than added to the loan, the payment follows the interest rate.

Car loans

Car loans: from sticker price to amount financed

The CFPB's auto loan shopping sheet works it out in rows. Pick Car price in the calculator and it does the same.

CFPB worksheet rowExample
A. Price of the vehicle$20,000
B. Add-ons (warranties, insurance)+ $300
C. Taxes, title and non-negotiable fees+ $1,400
D. Negotiable fees (delivery, documents)+ $100
F. Down payment− $3,000
G. Trade-in value− $3,000
H. Amount to finance$15,800.00

Type your state and local sales tax rate (the Sales Tax Calculator has every state's rate) and the fees you roll into the loan. States differ on whether sales tax is charged on the full price or on the price after the trade-in, so the calculator lets you pick. If you still owe more on your trade-in than it is worth, that negative equity is added to the new loan: type what you owe and the calculator adds the difference.

Loan length

How the term changes what you pay

The CFPB's example: a $20,000 loan at 4.75%. A longer loan lowers the payment and raises the interest.

TermMonthly paymentTotal interest
36 months (3 years)$597.18$1,498.32
48 months (4 years)$458.32$1,999.60
60 months (5 years)$375.14$2,508.29
72 months (6 years)$319.78$3,024.54

The CFPB rounds these to $597, $458, $375 and $320 a month. A longer loan also keeps you at risk of owing more than the car is worth for longer.

Guide

Who uses a loan calculator

The maths is the same for every fixed-rate loan. What changes is the question.

Car buyers

Auto loan

Price, down payment, trade-in and sales tax turned into the payment, before you sit down with the dealer.

Use: Car price mode

Personal loans

Debt payoff

Check a personal loan offer, or see what consolidating cards into one fixed payment costs.

Use: Loan amount · APR

Student loans

Fixed rate

See the payment on a fixed-rate student loan and how extra payments shorten it.

Use: Extra payment

Small business

Equipment loan

A term loan for equipment or a vehicle, with a schedule to hand to your bookkeeper.

Use: CSV schedule
Extra payment vs none

What $100 extra a month does to a loan

The same $25,000 at 6.5% for 60 months, with and without $100 extra each month.

Scheduled payments
$4,349.20interest

60 payments

$489.15 a month for the full five years.

$100 extra a month
$3,483.80interest

49 payments

Paid off 11 months sooner, saving $865.40 in interest.

Verdict: every extra dollar goes to principal, so it stops costing interest for the rest of the loan. Check your contract for a prepayment penalty first: the CFPB lists it as something you can negotiate.
Pro tips

Pro tips for a better loan

Small checks that save real money, most from the CFPB's auto loan guide.

Compare APRs

Compare APR to APR across offers. An interest rate alone hides the fees.

Get preapproved

A bank or credit union offer gives you a rate to beat at the dealer.

Shorter if you can

A shorter term costs more a month and much less interest in total.

Watch add-ons

Warranties and insurance added to the loan raise the amount financed.

Owed on a trade-in

Negative equity rolled into a new loan makes it more expensive.

Pay a little extra

Even small extra payments cut interest. Ask that they go to principal.

Keep the schedule

Download the CSV and check each statement's balance against it.

Copy the summary

Paste the payment, interest and payoff date into a note or a budget.

An estimate, not financial advice

This assumes a fixed rate, monthly payments made on time and interest charged monthly on the balance. Some lenders charge interest by the day, so a payment made early or late moves the split by a few cents. Your loan disclosure has the exact amount financed, finance charge and total of payments.

Use cases

Everyday questions it answers

Same three steps, many situations.

Can I afford this car?

The payment on the sticker price after tax, fees and your trade-in.

Dealer vs bank

Two APRs on the same amount, side by side, as payment and interest.

Consolidating cards

One fixed payment and a payoff date instead of open-ended balances.

Paying it off early

How much an extra amount each month saves and when you're done.

48 or 72 months

The payment and the total interest for each term.

Planning a home loan

For a mortgage with taxes and insurance, use the mortgage calculator.

Buying a home? The Mortgage Calculator adds property tax, insurance and PMI. Borrowing in India? The EMI Calculator works in rupees with Indian loan presets.

FAQ

Frequently asked questions

Quick answers on loan payments, APR, amortization, extra payments and car loans.

What is the payment on a $10,000 personal loan?
At 12% APR it is $332.14 a month over 3 years, with $1,957.18 of interest. Over 5 years the payment drops to $222.44 but interest rises to $3,346.77. At 18% over 3 years it is $361.52 a month.
Why compare APR and not the interest rate?
The CFPB describes APR as the interest rate plus fees such as origination charges. Two personal loans with the same rate can cost different amounts once fees are counted, so compare APR to APR.
Does an extra payment shorten a personal loan?
Yes, if the lender applies it to principal. On $10,000 at 12% for 3 years, $50 extra a month finishes 5 months early and saves $305.33 of interest. Check the loan agreement for a prepayment penalty first.
Is a personal loan cheaper than a credit card?
It depends on the APRs. Type the loan's APR and term here to see the fixed payment and total interest, and compare that with what your card would cost. A fixed term also gives you a payoff date a card balance doesn't have.
Why is my first payment mostly interest?
Interest is charged on the balance, which is largest at the start. The CFPB explains that in an amortizing loan more of each early payment goes to interest and more of each later one to principal. The schedule shows the split for every month.
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Presets

More versions of Loan Calculator

Other versions of this tool, each set up for a specific need.