Calculate the monthly payment on any fixed-rate loan — auto, personal, home equity or student loan.
Loan calculator for any fixed-rate amortizing loan — auto, personal, home equity, student or small-business. Enter the loan amount, annual interest rate (APR) and term in years to see the monthly payment, total interest paid and a year-by-year amortization breakdown of principal versus interest.
This free loan calculator shows the monthly payment on any fixed-rate amortizing loan — auto, personal, home equity, student or small-business — using the standard US amortization formula. Enter your loan amount, annual interest rate (APR) and term in years to instantly see the monthly payment, total interest paid over the life of the loan and a year-by-year breakdown of how each payment splits between principal and interest. Compare 3-year, 5-year and 7-year terms side by side, model different APRs from competing US lenders, and choose the loan that minimizes lifetime cost.
M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
On a $25,000 new-car loan at a 7.5% APR over 5 years (60 months), the monthly payment is about $501. Over the full term you'll pay roughly $5,060 in interest on top of the $25,000 principal — a total of $30,060. Stretching the same loan to 7 years lowers the monthly payment to about $385 but adds nearly $7,300 in interest, costing you ~$2,300 more overall just for the lower monthly bill.
It uses the standard amortization formula: M = P × r × (1+r)^n / ((1+r)^n − 1), where P is the principal (loan amount), r is the monthly interest rate (APR / 12), and n is the total number of months in the term.
Most US lenders apply extra payments to principal, which shortens the term and reduces total interest. Some allow recasting to lower the monthly payment instead. Always confirm whether prepayment penalties apply before paying ahead.
No. This calculator computes pure principal & interest from the rate you enter. Origination fees, late fees and insurance are not included — compare offers using APR (not just the rate) to capture fee impact.
As of recent benchmarks, US personal loan APRs range from about 7% (excellent credit, 720+) to 25%+ (fair credit). Auto loans run 5–10%, home equity loans 7–10% and federal student loans 5–8%. Always shop at least three lenders.
Only if cash flow is tight. A longer term reduces the monthly bill but increases total interest substantially. On a $25,000 auto loan at 8%, choosing 7 years over 5 cuts the monthly payment by about $115 but adds roughly $2,800 in interest.
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