Loan Calculator
See the monthly payment and the real total cost of any loan before you sign anything.
| Number of payments | |
| Total interest | |
| Total repayment | |
| Total cost including fees | |
| Amount paid per year |
What is this tool?
A loan that looks cheap month to month can be expensive over its full life. This loan calculator shows both views at once: the monthly payment, the total interest you will hand to the lender, and the all-in cost including any upfront fees. It works for personal loans, auto loans, student loans and any other fixed-rate installment loan commonly offered in the US.
Lenders compete on the monthly payment because it is the number shoppers focus on, but interest is where the real money is. Extending a $20,000 loan from three years to five years lowers the payment while adding well over a thousand dollars of extra interest — run both scenarios here and compare the totals before you decide.
How to use it
- Enter the loan amount you plan to borrow.
- Enter the annual interest rate (APR works fine for an estimate).
- Enter the term in years and any origination or upfront fees.
- Click Calculate to see the payment, total interest and all-in cost.
Formula & method
Worked example
A $25,000 auto loan at 7 percent for 5 years costs $495.03 a month. Over the 60 payments you repay $29,701.79, which means $4,701.79 of interest. Shortening the term to 3 years raises the payment to $771.82 but cuts the interest to $2,785.41 — a saving of more than $1,900.
Frequently asked questions
What is the difference between interest rate and APR?
The interest rate covers only the cost of borrowing the money. APR also folds in most fees, so APR is usually slightly higher and is the better number for comparing two loan offers.
Does a longer loan term save money?
It lowers the monthly payment but almost always costs more overall, because you pay interest for more months. The totals in this calculator make that trade-off visible.
Can I use this for an auto loan or student loan?
Yes. Any fixed-rate loan paid in equal monthly installments follows the same math, including auto, personal and most federal student loans.