Loan Calculator
Calculate monthly payments and total interest for any fixed-rate loan — auto, personal, student, or other.
Monthly payment
$594.04
Total interest
$5,642.16
Total paid
$35,642.16
Amortization schedule
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $5,192.94 | $1,935.49 | $24,807.06 |
| 2 | $5,568.34 | $1,560.09 | $19,238.72 |
| 3 | $5,970.87 | $1,157.56 | $13,267.85 |
| 4 | $6,402.51 | $725.92 | $6,865.34 |
| 5 | $6,865.34 | $263.09 | $0.00 |
About this calculator
This calculator works for any fixed-rate installment loan — auto, personal, student, or otherwise. Enter your loan amount, interest rate, and term to see your monthly payment, total interest paid over the life of the loan, and a full amortization schedule. You can also add an optional extra monthly payment to see how much faster you could pay off the loan.
Frequently asked questions
- What kinds of loans can this calculator handle?
- Any fixed-rate, fixed-term installment loan with equal monthly payments — auto loans, personal loans, student loans, and similar. It assumes a standard amortization schedule with no balloon payment.
- How is the monthly payment calculated?
- Using the standard amortization formula based on your loan amount, annual interest rate, and term length in months. The payment amount stays fixed for the life of the loan, while the interest-versus-principal split shifts over time.
- Does extra payment really save money?
- Yes — any extra amount you pay each month goes entirely toward reducing your principal balance, which means less interest accrues on future payments. Even a modest extra payment can meaningfully shorten a multi-year loan and reduce total interest paid.
Also try our Mortgage Calculator.