Loan Payment Calculator - Estimate Any Fixed-Rate Loan

What this loan payment calculator does

This tool estimates the monthly payment, total interest, and payoff time for a fixed-rate installment loan. It works for auto loans, personal loans, student loans, and similar borrowing. You can also add an extra monthly payment to see how much interest you save and how much sooner the loan is repaid. Everything is calculated in your browser.

How to calculate a loan payment

1. Enter the loan amount. This is the amount borrowed after any down payment or trade-in.
2. Add the annual interest rate. Use the nominal rate from your loan agreement, not the APR, unless the lender quotes the same basis.
3. Choose the term. Enter the number of years. The calculator converts it to monthly payments.
4. Try an extra payment. Add any additional monthly amount to see the interest saved and the shorter payoff time.

Tips for comparing loans

• Compare the total interest as well as the monthly payment. A longer term can lower the payment while increasing the total cost.
• Origination fees, late fees, and insurance are not included. Add fees to the loan amount if you want a rough estimate that includes them.
• Extra payments usually go toward principal, but check your lender's rules. Some loans charge prepayment penalties.
• A variable-rate loan can change over time; this calculator assumes a fixed rate for the whole term.

When to use it

Use the calculator before accepting a loan offer, when refinancing, or when deciding whether an extra monthly payment is worth it. For the exact payoff figure, ask your lender for a current payoff statement.