Analyze auto loans, personal loans, or student loans. Enter loan principal, term, and interest rate to determine your exact monthly payment and total cost of borrowing.
Enter your values, then select Calculate Now
Calculates fixed monthly payment PMT: PMT = P * [r(1+r)^n] / [(1+r)^n - 1], where P = loan principal, r = monthly interest rate (APR / 12 / 100), and n = term in months. Total Repayment = PMT * n. Total Interest = Total Repayment - P.
Borrowing $20,000 will cost an additional $3,212 in interest over 4 years.
Enter the total principal amount of the loan.
Input the annual percentage rate (APR) quoted by your lender.
Select the repayment term length in months.
Review the calculated monthly payment, total interest cost, and overall payback amount.
Long auto loans (6-7 years) lower monthly payments but cause you to pay thousands more in interest and remain "underwater" (owing more than the car is worth) for years.
Put down at least 20%, finance for no more than 4 years (48 months), and keep total vehicle expenses (payment, insurance, fuel) under 10% of gross monthly income.
Borrowers with excellent credit (750+) often secure auto loan rates 5% to 8% lower than borrowers with fair or poor credit, saving thousands on a typical loan.
Yes, most personal loans calculate interest on remaining balance; paying principal down early directly reduces future interest charges.
The interest rate is the base cost of borrowing the principal. APR (Annual Percentage Rate) includes both the interest rate AND mandatory lender origination fees, representing the true annual cost.
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