Loan Calculator

Before signing any loan agreement you should know two numbers: the monthly payment and the total interest you will hand the lender. Enter the amount, rate and term of a personal loan, car loan or any other fixed-rate installment loan, and both appear instantly - along with the true total cost of borrowing.

Your numbers

$
%
yrs
Advanced: extra payments & comparison
$
Compare with a second loan (B)
$
%
yrs
Monthly payment —
Total interest—
Total repaid—
Paid off—
Interest saved—
Loan B payment—
Loan B total interest—
Verdict—
PrincipalInterest

Results update as you type and are estimates for education only — they don't account for taxes, fees or your personal situation, and nothing here is financial advice. Your inputs stay on this device.

How it works

  1. Enter the loan amount - the principal you are borrowing.
  2. Add the annual interest rate (APR) from your loan offer.
  3. Set the repayment term in years or months.
  4. Compare offers by re-running the numbers: a lower rate or shorter term can save thousands in interest.

The formula

Monthly payment = L x [i(1 + i)^n] / [(1 + i)^n - 1], where L is the loan amount, i the monthly rate and n the number of payments. Total interest = (monthly payment x n) - L.

Frequently asked questions

What is the difference between interest rate and APR?
The interest rate is the pure cost of borrowing the principal. APR (annual percentage rate) additionally folds in mandatory fees such as origination charges, making it the better number for comparing loan offers. In the EU the equivalent standardized figure is the APRC.
Should I choose a shorter or longer loan term?
A shorter term means higher monthly payments but dramatically less total interest; a longer term eases monthly cash flow at a higher overall cost. Pick the shortest term whose payment fits comfortably in your budget after essentials and savings.
Does paying extra each month help?
Yes - extra payments on most installment loans go straight to principal, shrinking the balance that future interest is charged on and shortening the payoff date. Check your agreement first: a minority of loans charge early-repayment fees, particularly in parts of Europe.
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