Loan Calculator
Estimate monthly payments and total interest for personal loans, auto loans or any fixed-rate installment loan.
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Enter Your Loan Details
How the Loan Calculator Works
This calculator works for personal loans, auto loans, or any fixed-rate installment loan. It uses the standard amortizing-loan formula to compute a level monthly payment.
Formula Used
Payment = P × [r(1+r)^n] / [(1+r)^n − 1]
P = principal (loan amount plus any fees), r = monthly interest rate, n = number of monthly payments.
Example
A $20,000 loan at 7.5% over 48 months results in a monthly payment of roughly $483, with about $3,200 paid in total interest.
Practical Use
Use this tool to compare loan offers side by side, or to see how shortening the term reduces total interest paid.
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