Loan Payment Calculator
Calculate monthly payments, total interest, and payoff dates for auto loans, personal loans, and student loans.
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Frequently Asked Questions
How does the Loan Payment Calculator work?
The tool applies the same amortization formula used by banks: M = P * [r(1+r)^n] / [(1+r)^n - 1]. It converts your annual rate to a monthly rate, calculates the fixed payment, then sums all payments and subtracts the principal to show total interest cost. The payoff date is computed by adding the term length to the current date.
How is the monthly payment calculated?
It uses the standard loan amortization formula based on your loan amount, interest rate, and term length. The result is a fixed monthly payment that pays off the loan exactly by the end of the term.
Does this work for auto loans and student loans?
Yes. The calculator works for any fixed-rate loan -- car loans, personal loans, student loans, or any other installment loan with a fixed interest rate and term.
How much total interest will I pay?
The calculator shows both your monthly payment and the total interest paid over the life of the loan. This helps you see the true cost of borrowing and compare different loan terms.