Compare two loan options side by side to find the better deal.
A loan calculator helps you estimate monthly payments, total interest, and the full cost of borrowing for personal loans, auto loans, or other installment loans.
Enter the loan amount
Input the total amount you plan to borrow (the principal).
Input the annual interest rate
Enter the annual percentage rate (APR) charged by the lender. Rates depend on your credit score and loan type.
Choose the loan term
Select the repayment period in months or years. Longer terms mean lower payments but more total interest.
Click Calculate
The calculator computes your monthly payment, total interest, and total repayment amount.
Review the amortization
See how each payment splits between principal and interest over time.
Monthly Payment
The fixed amount you will pay each month for the duration of the loan.
Total Interest
The total amount of interest you will pay over the life of the loan.
Total Repayment
The sum of all payments, including both principal and interest.
Payoff Date
The date when your loan will be fully paid off if you make all scheduled payments.
Personal Loan Planning
Compare different loan offers by calculating payments for a $10,000 personal loan at 8% for 3 years vs 5 years.
Auto Loan Comparison
Determine monthly payments for a $25,000 car loan to see if you can afford a shorter term with lower interest.
Debt Consolidation
Calculate whether consolidating multiple debts into one loan reduces your monthly payments.
Early Payoff Analysis
See how much interest you save by making extra payments or choosing a shorter loan term.
Monthly Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where M = monthly payment, P = principal, r = monthly interest rate (annual rate/12), n = number of payments.
Total Interest
Total Interest = (Monthly Payment × n) - Principal
Multiply monthly payment by number of payments, then subtract the original loan amount.
Simple Interest
Interest = Principal × Rate × Time
For simple interest loans, multiply principal by annual rate by years.
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