Loan Calculator
This free loan calculator works for car loans, personal loans and any fixed-rate installment loan. Enter the amount you want to borrow, the APR and the loan term to see your monthly payment, total interest and total repayment.
How it works
Like a mortgage, an installment loan is amortized with the formula M = P·r(1+r)^n / ((1+r)^n − 1). The monthly rate r is the APR divided by 12. Every payment is split between interest on the outstanding balance and principal repayment until the loan is fully paid off.
Frequently asked questions
Can I use this as a car loan calculator?
Yes. Enter the vehicle price minus your down payment as the loan amount, then the dealer or bank APR and term (typically 36–72 months).
What is APR?
APR (Annual Percentage Rate) is the yearly cost of borrowing, including the interest rate. The calculator divides it by 12 to get the monthly rate.
How can I pay less interest?
Choose a shorter term, make a larger down payment, or shop for a lower APR. Even 1% less on the rate can save hundreds over the life of the loan.