Loan Calculator
Calculate monthly payments and total cost for personal loans, auto loans, or any fixed-rate loan.
Frequently Asked Questions
How are loan payments calculated?▾
Fixed-rate loan payments are calculated using the amortization formula, which ensures each payment covers the interest due plus a portion of principal. Early payments are mostly interest, while later payments are mostly principal.
Should I make extra payments on my loan?▾
Extra payments can save significant money on interest and help you pay off the loan faster. Even small extra payments make a big difference over time. Use the extra payment field above to see exactly how much you'd save.
What's the difference between APR and interest rate?▾
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus other fees and costs. APR gives a more complete picture of the true cost of borrowing.