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LOAN CALCULATOR

Calculate monthly payments, total interest, and full amortization for any loan — auto, personal, student, or business. Instant results.

// SHARE𝕏f◉in
>LOAN TYPE
>LOAN PARAMETERS
$
%
1yr
30yr5 yrs
$
>RESULTS
MONTHLY PAYMENT
$200.38
60 payments × $200.38
LOAN PRINCIPAL
$10,000.00
TOTAL PAYMENT
$12,022.77
TOTAL INTEREST
$2,022.77
INTEREST AS % OF LOAN
$2,023 over 5 yrs
20.2%
>PRINCIPAL vs INTEREST BY YEAR
YRPRINCIPAL / INTERESTBALANCE
Yr 1
$8,287
$1,712.63 P$691.92 I
Yr 2
$6,442
$1,845.59 P$558.97 I
Yr 3
$4,453
$1,988.86 P$415.69 I
Yr 4
$2,310
$2,143.27 P$261.29 I
Yr 5
$0
$2,309.65 P$94.90 I
PRINCIPAL
INTEREST
// COMPARE LENDERS

Ready to apply? Compare rates from top lenders:

LendingTree →Credible →SoFi →

Affiliate links — we may earn a commission.

>COMPARE LENDERS

Ready to apply? Compare rates from top lenders to find the best deal for your situation.

LendingTree→Credible→SoFi Personal Loans→

Affiliate links — we may earn a commission at no cost to you.

>QUICK TIPS
  • 01.Check your credit score before applying
  • 02.Compare at least 3 lenders
  • 03.Prequalify — it won't hurt your score
  • 04.Read the fine print for fees
  • 05.Shorter term = less total interest
// FAQ

FREQUENTLY ASKED QUESTIONS

Q1.How is my monthly loan payment calculated?

Monthly payments are calculated using the standard amortization formula: M = P × [r(1+r)^n] ÷ [(1+r)^n – 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of months. Each payment covers that month's accrued interest first, with the remainder reducing the principal.

Q2.What is amortization?

Amortization is the process of paying off a loan over time through regular payments. Early in the loan term, most of your payment goes toward interest. As the balance decreases, more of each payment goes toward principal. By the final payment, almost everything is principal. This calculator shows this shift year by year.

Q3.How does the down payment affect my loan?

A down payment reduces the amount you need to borrow (the principal). A lower principal means lower monthly payments, less total interest paid, and a faster payoff. For auto loans, a down payment of 10–20% is typical. Enter your down payment as a dollar amount or a percentage of the total price.

Q4.What is a good interest rate for a personal loan?

Personal loan rates vary widely by credit score. Excellent credit (720+) may qualify for 7–12% APR. Good credit (680–719) typically sees 12–20%. Fair credit (640–679) may see 20–28%. Below 640 can result in rates above 28% or denial. Comparing lenders like LendingTree, Credible, and SoFi can help you find the best available rate.

Q5.Should I choose a shorter or longer loan term?

A shorter term means higher monthly payments but significantly less total interest paid. A longer term lowers your monthly payment but you pay more overall due to additional months of interest. For example, a $15,000 loan at 8% costs about $304/month over 5 years (total $18,248) vs. $182/month over 10 years (total $21,874).

Q6.What is the difference between APR and interest rate?

The interest rate is the annual cost of borrowing as a percentage of the principal. APR (Annual Percentage Rate) includes the interest rate plus any additional fees (origination fees, closing costs). APR is a more complete picture of the true cost of a loan. This calculator uses the rate you enter as the annual interest rate — enter the APR for the most accurate comparison.

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