Calculate monthly payments, total interest, and total cost for personal loans, auto loans, student loans, and home equity loans.
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M = P × r(1+r)^n / ((1+r)^n − 1)MMonthly payment amountPPrincipal loan amountrMonthly interest rate (annual rate ÷ 12)nTotal number of monthly paymentsThe loan payment formula calculates the fixed monthly installment needed to fully repay the principal plus interest over the loan term. For a 0% interest loan, the payment is simply principal divided by months. The effective APR equals the annual interest rate for standard installment loans without fees.
Whether financing a car, consolidating debt, funding home improvements, or covering an unexpected expense, a personal loan calculator is your first step to smart borrowing. Understanding your monthly payment and total interest cost helps you compare loan offers intelligently and choose the term that best fits your budget.
Enter your loan amount, annual interest rate, and select your loan term and type. The calculator instantly shows your monthly payment, total interest paid, total cost of the loan, and effective APR — giving you everything you need to evaluate and compare loan options.
A standard fixed-rate installment loan.
About $473.51/month; total interest of roughly $2,046 over the three years.
Stretching the same loan to 60 months lowers the payment but raises total interest — always check both numbers.
This calculator lets you instantly compare different loan terms to find the right balance between monthly affordability and total cost. Use it to evaluate offers from multiple lenders, understand how extra payments save interest, and plan your budget around precise monthly obligations.
Never compare loans using just the monthly payment — a lower payment often means a longer term and much higher total interest cost. Always compare the total cost (principal + interest) across options. Also, watch for origination fees; a loan advertised at 7% with a 3% origination fee has a true APR closer to 10%.
Calculate monthly mortgage payment, total interest, and total cost of your home loan. Includes property tax, insurance, and HOA fees.
Calculate monthly EMI, total interest, and total payment for any loan. Includes full amortization breakdown.
Calculate compound interest, final amount, and total interest earned with different compounding frequencies. See the power of compounding.