Finance
Loan calculator
Enter the loan amount, the annual interest rate, and the term in months. The calculator returns the monthly payment, total amount paid, and total interest over the life of the loan.
Formula
Most consumer loans (auto, personal, student) are fixed-payment installment loans — the rate is locked, the payment is the same every month, and the loan amortizes over a known term. This calculator handles the standard formula.
Unlike the mortgage calculator, this one takes term in months instead of years — handy for short-term loans (12, 24, 36, 48, 60 months are common). For car loans the typical range is 36-72 months. For personal loans, 12-60 months.
No escrow, no fees, no insurance. The headline payment is principal + interest only. Origination fees (1-8% on personal loans) get added separately, usually rolled into the loan amount.
Examples
- 01$15,000 auto loan at 8.5% for 36 months→ Monthly $473.51 · Total $17,046.36 · Interest $2,046.36
- 02$8,000 personal loan at 12% for 24 months→ Monthly $376.59 · Total $9,038.16 · Interest $1,038.16
- 03$25,000 car at 6% for 60 months→ Monthly $483.32 · Total $28,999.20 · Interest $3,999.20
FAQ
- Interest rate is the cost of borrowing only. APR (annual percentage rate) includes interest plus required fees expressed as a yearly percentage. APR is always ≥ interest rate. Use APR for comparison between lenders since fee structures differ.