Loan Calculator
Calculate monthly loan payments, total interest, and total payment
What Is a Loan Calculator?
A loan calculator helps you estimate monthly payments for personal loans, auto loans, or student loans. It calculates the monthly payment, total interest paid, and the total cost of the loan over the full term.
How to Use
- Enter the total loan amount
- Enter the annual interest rate
- Enter the loan term in months
- Click "Calculate" to see your results
Example
Sarah's Auto Loan
Loan Amount: $25,000
Interest Rate: 7.5%
Term: 60 months
Monthly Payment: $501.00
Total Payment: $30,060.00
Total Interest: $5,060.00
FAQs
What affects my monthly payment?
The loan amount, interest rate, and loan term all affect your monthly payment. Higher rates or longer terms increase total interest.
Should I choose a longer or shorter term?
Shorter terms have higher monthly payments but less total interest. Longer terms have lower monthly payments but more total interest.
What is a good interest rate?
Rates vary by loan type and credit score. Generally, lower is better. Shop around for the best rate.