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Calculators

Loan Calculator

Wondering what that car, couch, or credit-card payoff actually costs per month? Punch in three numbers and see the real price tag.

How much you're borrowing

Use 0 for an interest-free loan

Decimals allowed, e.g. 2.5 years

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Monthly payment

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Total you'll pay

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Total interest

Enter the loan amount, APR, and term above.

How to use

  1. Enter the loan amount. That's the principal โ€” what you're borrowing before any interest, e.g. $20,000.
  2. Add the APR and term. Type the annual interest rate (use 0 for an interest-free loan) and how many years you'll take to pay it off.
  3. Read your numbers. You'll see the monthly payment, the total amount paid over the life of the loan, and how much of that is interest.
  4. Compare scenarios. Shorten the term or lower the APR to see how much interest you save โ€” then copy the summary to share or save.

Frequently asked questions

How do I calculate my monthly loan payment?

Use the amortization formula: M = P ร— r รท (1 โˆ’ (1 + r)^โˆ’n), where P is the loan amount, r is the monthly interest rate (APR รท 12 รท 100), and n is the total number of monthly payments. The calculator above does this math instantly โ€” enter your amount, APR, and term to see your monthly payment.

How is the total interest on a loan calculated?

Total interest is simply your monthly payment times the number of payments, minus the original loan amount. On a $20,000 loan at 6.5% APR over 5 years, the monthly payment is about $391.32, total paid is about $23,479, and total interest is about $3,479. A shorter term or lower APR cuts that interest number down fast.

Does a 0% APR loan mean I pay no interest?

Exactly โ€” at 0% APR the monthly payment is just the loan amount divided by the number of months, with zero interest added. For a $20,000 loan over 5 years at 0% APR, that's $20,000 รท 60 = $333.33 per month. This calculator handles 0% loans correctly instead of dividing by zero.

Why is my monthly payment higher than I expected?

Interest compounds monthly, and the earlier payments go mostly toward interest rather than principal. Also check whether your loan includes origination fees or insurance rolled into the balance โ€” those raise the effective amount you're borrowing. If you're comparing against a lender's quote, small differences can also come from rounding or whether they count the first payment starting immediately.

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