Financial
Loan Calculator
Monthly payment, interest, and payoff schedule for any fixed-term loan.
Inputs
Loan Calculator
Result
Monthly payment
$505.71
- Total interest
- $5,342.85
- Total paid
- $30,342.85
How it's calculated
Same amortization formula as a mortgage.
Common questions
Works for car loans?
Yes — auto, personal, and student loans all use the same amortization math.
How a loan payment is calculated
Every fixed-term loan — auto, personal, student, or small-business — uses the same amortization math as a home loan. Each monthly payment covers interest on the remaining balance first, then chips away at principal. Early on, most of your payment is interest; near the end, most of it is principal. The Mortgage Calculator uses this same formula with taxes and insurance layered on top.
Dropping the term or the rate has a much bigger effect on total interest than shaving a few dollars off the monthly payment. Try changing the term from 60 to 36 months and watch total interest fall.
Loans vs. compound growth
Borrowing and investing are mirror images: one pays compound interest, the other earns it. Before taking a loan for something optional, compare the interest cost here against what the same money could earn in the Compound Interest Calculator or the Investment Return Calculator. If the loan rate is higher than your realistic investment return, prepayment usually wins.