Borrowing
Loan Calculator
Your numbers
Personal loans often run 24 to 60 months; auto loans 36 to 84.
Many lenders take this out of the loan before you receive the money. Enter 0 if there's no fee.
Monthly payment
$332.14
For 36 months. Total interest $1,957.
- Total interest
- $1,957
- Total of all payments
- $11,957
Year-by-year breakdown
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| 1 | $2,944 | $1,042 | $7,056 |
| 2 | $3,318 | $668 | $3,738 |
| 3 | $3,738 | $247 | $0 |
Results are estimates for planning only and assume the numbers you enter stay the same. They are not an offer of credit or financial advice. Confirm actual terms with the lender, bank or provider.
How it works
Behind the numbers
The calculator uses the standard formula for a fixed-rate installment loan: the same payment every month, with each payment covering that month's interest first and the rest going to principal. Early payments are interest-heavy; later ones mostly pay down the balance.
If you enter an origination fee, we show it separately. Many lenders deduct the fee from the loan before sending you the money, so you repay the full loan amount but receive less. That's why comparing loans on APR and total cost, not just the monthly payment, matters.
Tips
- A longer term lowers the monthly payment but raises the total interest you pay.
- Compare offers using the same loan amount and term so the numbers line up.
- Prequalify with several lenders to see real rates without a hard credit inquiry.
Quick answers
Common questions
How is a loan's monthly payment calculated?
For a fixed-rate loan, the payment depends on the amount borrowed, the interest rate and the number of months. The formula spreads repayment so that every payment is the same, with interest charged on the remaining balance each month.
Does the APR include the origination fee?
A lender's quoted APR generally includes required fees such as an origination fee, which is why it's the best number for comparing loans. This calculator uses the rate you enter for the payment and shows the fee separately so you can see its effect.
Is this my exact payment?
It's an estimate. Your lender's figures may differ slightly because of rounding, the exact first payment date, or other terms. Your loan agreement shows the official numbers.