Loan Payment Calculator
Calculate your monthly payment, total cost, and total interest for any loan.
About this tool
Whether you are financing a car, a home, or consolidating debt, the monthly payment is only part of the picture. The total interest you pay over the life of the loan is often the number that matters most, and it is heavily influenced by the loan term.
This calculator uses the standard amortization formula that banks use. Try shortening the term by a year or two: the monthly payment rises modestly, but the total interest saved is frequently thousands of dollars.
Frequently asked questions
Does this work for mortgages?
Yes. The same amortization math applies to mortgages, auto loans, and personal loans. Enter the loan amount, rate, and term in years.
Why is total interest so high on long loans?
Interest accrues on the outstanding balance every month. Longer terms keep the balance high for more months, so more total interest accumulates.