Loan Calculator

Know the real cost of a loan

This calculator shows your fixed monthly payment, the total interest you'll pay, and how your balance falls over time — for a personal loan, auto loan, or any fixed-rate loan. Enter the amount, the APR, and the term to see the full picture before you borrow.

Why the rate matters so much

On a $20,000 loan over 5 years, the difference between a 7% and a 15% APR is thousands of dollars in interest. That's why it pays to shop lenders and improve your credit first. If you already have a loan, see our guide on how to lower the interest rate on your loans.

Tips before you borrow

• Compare the APR (which includes fees), not just the interest rate.
• Pick the shortest term whose payment you can comfortably afford.
• Watch for origination fees and prepayment penalties.

Frequently Asked Questions

How is my monthly loan payment calculated?

It uses the standard amortization formula, which spreads principal and interest evenly across every month of the term so the payment stays the same. Early payments are mostly interest; later ones are mostly principal.

Does a longer term lower my payment?

Yes — but it raises the total interest you pay. A longer term means a smaller monthly payment and a bigger lifetime cost. Try both in the calculator to see the trade-off.

Can I pay a loan off faster?

Almost always. Extra payments go straight to principal, cutting both the term and total interest. Check your loan has no prepayment penalty first.