Loan Calculator: Compare Payments and Total Interest
Use this free loan calculator to estimate your monthly payment and total interest cost on personal loans, auto loans, or student loans. Enter your loan amount, interest rate, and term to see a full breakdown instantly.
Loan Payment Calculator
What Affects Your Loan Payment
- Principal — The total amount you're borrowing.
- Interest rate (APR) — The annual cost of borrowing, including fees in most cases.
- Term length — How many months or years you have to repay the loan.
- Payment frequency — Most loans are paid monthly, which this calculator assumes.
Personal Loans vs. Auto Loans vs. Student Loans
Personal loans are typically unsecured and carry higher rates than auto loans, which are backed by the vehicle itself. Student loans often have longer terms and, for federal loans, fixed rates set by the government. Run each scenario through the calculator to see how term length and rate change your total cost.
Tips for a Cheaper Loan
- Compare rates from multiple lenders before committing.
- Choose the shortest term you can afford to minimize total interest.
- Check for origination fees that can add to your effective rate.
- Improve your credit score beforehand to unlock better offers.
Frequently Asked Questions
Does this calculator work for auto loans? Yes — enter the vehicle loan amount, rate, and term just like any other loan.
What's the difference between interest rate and APR? APR includes certain fees on top of the interest rate, giving a more complete picture of borrowing cost.
Can I see the full payment schedule? This calculator shows your totals; a month-by-month amortization breakdown is a good addition if you need that level of detail.