How the loan calculator works
Any fixed-rate loan — personal, auto, student, or business — is built on the same math: the amount you borrow is repaid in equal monthly installments, where each payment covers the interest due that month plus a slice of the principal. Enter the amount, the APR, and the term, and this calculator returns your monthly payment, the total interest, and the total you'll repay.
Use it to compare offers, test different terms, or check what a payment would be before you apply.
What changes your payment
- Amount: more borrowed means a higher payment and more total interest.
- Rate (APR): the biggest lever on total cost — even one point matters over a long term.
- Term: a longer term lowers the monthly payment but raises total interest paid.
Tips for a cheaper loan
- Compare APR (not just the rate) across lenders — it includes fees.
- Choose the shortest term whose payment you can comfortably afford.
- Check for prepayment penalties, then pay extra toward principal when you can.