Loan Calculator

How this calculator works

This tool uses the standard fixed-rate amortization formula: it spreads your loan amount evenly across every monthly payment over the term you choose, so that interest and principal are both fully paid off by the last payment. It works for personal loans, auto loans, and most fixed-rate business loans — anywhere the rate and term don't change over the life of the loan.

Frequently asked

Does this work for auto loans?

Yes — the amortization math is the same for auto, personal, and most business term loans, as long as the rate is fixed.

Why is my total interest so much higher on longer terms?

A longer term lowers your monthly payment, but you pay interest for more months, so the total interest paid over the life of the loan increases.