Enter your loan amount, interest rate, and term below to see your estimated monthly payment for any personal loan, auto loan, or other fixed-rate loan. The calculation happens instantly as you type, no sign-up needed.
Enter Your Loan Details
How This Finance Calculator Works
Enter the amount you want to borrow, the interest rate your lender quoted, and the loan term in either years or months. The calculator instantly shows your estimated fixed monthly payment, the total interest you would pay over the life of the loan, and the total amount paid including any one-time fees you add.
This calculator works for personal loans, auto loans, and any other loan with a fixed interest rate and a fixed repayment schedule. Change any number and click Calculate Loan Payment again to update the results.
What Affects Your Monthly Loan Payment
Three things determine your monthly payment on a fixed-rate loan.
- Loan amount. The total amount you are borrowing before interest.
- Interest rate. The annual cost of borrowing, expressed as a percentage of the remaining balance.
- Loan term. How long you have to repay the loan. A longer term lowers your monthly payment but increases the total interest you pay.
A shorter term usually means a higher monthly payment but less total interest paid, while a longer term spreads the cost out into smaller payments but adds more interest over time. Try adjusting the term field in the calculator above to compare both options.
Tips Before You Take Out a Loan
Compare the interest rate and any fees from more than one lender before committing, since a lower rate can save you far more than a small difference in fees. Also check whether the loan has prepayment penalties, since paying it off early can reduce the total interest you owe if there is no penalty for doing so.
Frequently Asked Questions
Is this finance calculator free to use?
Yes, completely free with no limit on how many times you can use it, and no account is required.
Can I use this for a mortgage instead?
This calculator works for any fixed-rate loan, but if you specifically want to include property tax and home insurance in your estimate, the dedicated mortgage calculator gives a more complete breakdown for home loans.
Does this calculator give me an exact payment amount?
It gives a close estimate based on the numbers you enter. Your actual payment may vary slightly depending on your lender’s exact terms, fees, and how interest is compounded.
Why does a longer loan term cost more overall?
Interest is charged on the remaining balance for as long as you owe it, so stretching payments over a longer term means more total interest even though each individual payment is smaller.