Loan Payment Calculator
Calculate monthly payments for any loan — personal, auto, student, or business. See total interest, total cost, and payoff timeline. Free, instant, and private.
How Loan Payments Are Calculated
Fixed-rate loan payments use the same amortization formula as mortgages. The formula calculates a constant monthly payment that covers both principal repayment and interest charges over the loan term. Early in the loan, most of each payment goes to interest; as you pay down the principal, more goes to paying off the balance.
Loan Payment Formula
Monthly Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
Where: P = principal, r = monthly rate (APR/12), n = total payments (years × 12)
Example Calculations
Auto Loan: $25,000 at 5.9% for 5 years
- Monthly: $482.82 | Total interest: $3,969 | Total: $28,969
Personal Loan: $10,000 at 8% for 3 years
- Monthly: $313.36 | Total interest: $1,281 | Total: $11,281
Loan Types Compared
Auto loans: 3-7 years, 4-10% APR. Personal loans: 2-7 years, 6-36% APR. Student loans: 10-25 years, 4-8% APR. Business loans: 1-10 years, 6-30% APR. Rates depend on credit score, lender, and market conditions.