Work out the monthly payment on an auto, personal, or student loan. Enter the loan amount, interest rate, and term to see your payment and total interest cost.
This calculator uses the amortizing loan formula: M = P × [r(1+r)n] / [(1+r)n − 1], where P is the loan amount, r is the monthly rate (annual APR ÷ 12), and n is the number of monthly payments. Each payment is the same; early payments are mostly interest and later payments are mostly principal.
Any fixed-rate installment loan with equal monthly payments: auto loans, personal loans, student loans, and similar. It is not designed for credit cards or revolving credit.
APR is meant to reflect the yearly cost of borrowing including some fees, but origination fees rolled into the balance can change the effective cost. Check your loan agreement for the exact terms.
You can lower the payment by borrowing less, getting a lower rate, or choosing a longer term. A longer term lowers the monthly payment but increases total interest paid.
Extra payments go toward principal, which shortens the loan and reduces total interest. This calculator assumes the scheduled payment only.
The formula is exact for a fixed-rate loan, but lenders may round, add fees, or apply payments differently. Treat the result as a close estimate.
Disclaimer: This tool provides an estimate for general informational purposes only and is not financial advice. Actual loan terms depend on your lender, credit, and location. Consult a licensed professional before borrowing.