Loan Calculator
Calculate the monthly payment, total interest, and total cost of any fixed-rate loan — car, personal, or student.
How the monthly payment is calculated
This uses the standard amortizing-loan formula: M = P × r ÷ (1 − (1 + r)−n), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. Every payment is the same size, but early payments are mostly interest and later payments are mostly principal. Adding an extra monthly payment shortens the loan and cuts total interest — the calculator simulates this month-by-month so the extra-payment savings are exact, not estimated.
Frequently asked questions
How is my monthly loan payment calculated?
Using the standard fixed-rate amortization formula based on your loan amount, annual interest rate, and term length. Every monthly payment is the same amount, but the mix of principal vs interest changes over the life of the loan.
Does paying extra each month actually save money?
Yes — every extra dollar goes straight to principal, which reduces the interest charged on all future payments. The calculator simulates your loan month-by-month with your extra payment to show the exact interest saved and the new, shorter payoff time.
What loan types can I use this for?
Any fixed-rate installment loan — auto loans, personal loans, student loans. For a home loan with taxes, insurance and PMI, use the dedicated mortgage calculator instead.
Is this loan calculator accurate?
It uses the same standard amortization formula lenders use for fixed-rate loans. Your actual lender may round differently or add fees not entered here, so treat this as a close estimate, not a binding quote.