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Loan Payment Calculator

Work out the monthly payment on a fixed-rate loan, plus the total interest and total cost over its life. Works for personal loans, car loans and any other installment loan.
$
%
months
Monthly payment
$386.66
Total interest
$3,199.36
Total of all payments
$23,199.36

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How to use it

  1. Enter the amount you want to borrow.
  2. Enter the annual interest rate (APR) the lender quoted.
  3. Enter the loan term in months — 36, 48, 60 and 72 are common for car loans.

Examples

Car loan

Borrowing $20,000 at 6% for 60 months costs $386.66 a month. Over five years you pay $3,199.36 in interest, for a total of $23,199.36.

Shorter term

$25,000 at 7.5% over 48 months is $604.47 a month. A shorter term means a higher payment but less total interest.

How the monthly payment is calculated

Installment loans use an amortization formula: each payment is the same, but early payments are mostly interest and later payments are mostly principal. The monthly rate is the annual rate divided by 12.

Total interest is everything you pay over the term minus the amount you borrowed. If the rate is 0%, the payment is simply the loan amount divided by the number of months.

payment = P × r ÷ (1 − (1 + r)^−n), where r = APR ÷ 12 and n = months

What this doesn't include

Origination fees, insurance and taxes aren't part of the payment shown. If a lender charges fees, compare offers using the APR, which spreads fees across the loan.

Frequently asked questions

What's the difference between APR and interest rate?

The interest rate is the cost of borrowing the principal. APR adds most lender fees, expressed as a yearly rate, which makes offers with different fees easier to compare.

Does paying extra each month save money?

Usually yes. Extra payments reduce the principal, so less interest accrues afterwards. Check that your loan has no prepayment penalty first.

Is a longer loan term cheaper?

A longer term lowers the monthly payment but increases the total interest you pay, often by thousands of dollars on a car loan.

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More in Money · Last reviewed October 2026