About the loan calculator
Personal loans, auto loans, and many other installment loans use the same amortization formula. Enter the amount, annual rate, and term to see the monthly payment, how much you’ll pay in total, and how much of that is interest.
How to use this calculator
- Enter the loan amount.
- Enter the annual interest rate.
- Enter the term in years.
- Compare scenarios by changing one value at a time.
Worked examples
- 7.5% APR for 5 years (60 payments)
- r = 0.00625
- Payment ≈ $500.95
- Total ≈ $30,057; interest ≈ $5,057
About $500.95 per month.
Measurement guidance
APR vs. interest rate
APR can include certain fees, so it may be higher than the note rate. Use the rate your lender quotes for the payment calculation.
Frequently asked questions
Does this include fees?
No. Origination fees, insurance, and other charges are not included.
How can I lower total interest?
A shorter term or lower rate reduces interest; extra payments toward principal can too, if your loan allows it.
Is this financial advice?
No. It’s an estimate for planning. Check official loan documents for exact figures.