Fast, free, no sign-up. Monthly payment and total interest appear as you type.
See exactly what a loan really costs before you sign. Enter the amount, interest rate, and term to get your monthly payment, total interest, and total cost instantly. This free loan calculator works for car loans, personal loans, and mortgages — no sign-up, and your numbers never leave your device.
We use the standard amortization formula. With principal P, monthly rate r (annual rate ÷ 100 ÷ 12), and n monthly payments: M = P × r(1+r)^n ÷ ((1+r)^n − 1). With a 0% rate there's no interest, so the payment is simply P ÷ n. Example: $20,000 at 6.5% for 5 years (60 payments) → about $391.32/month.
The interest rate is the cost of borrowing as a percentage of the loan itself. APR (Annual Percentage Rate) is broader — it folds in lender fees and points, so it's usually a bit higher and better for comparing loan offers. This calculator uses the plain interest rate, not APR.
Yes. Extra payments go straight to the principal, which shrinks the balance that interest accrues on — so you pay less total interest and finish early. Even one extra payment a year on a long loan can save thousands. Run the numbers here, then ask your lender how they apply prepayments.
No. This is an estimate to help you plan — it doesn't include taxes, insurance, origination fees, or other charges a lender may add. Talk to a licensed financial advisor before committing to a loan.
A common guideline is the 28/36 rule: keep housing costs under 28% of gross monthly income and total debt under 36%. On an $80,000 salary that’s about $1,867/month for housing. Plug that monthly payment into this calculator and work backward to a price range — and check the free home-buying guides at consumerfinance.gov before you shop lenders.
It’s a table showing how every payment splits between interest and principal over the life of the loan. Early payments are mostly interest; the principal share grows over time. Knowing the schedule shows you exactly when extra payments have the biggest impact.
Dramatically. On a $300,000, 30-year loan at 7%, adding just $200/month toward principal can shave roughly 7 years off the loan and save over $100,000 in interest. Even one extra payment a year makes a visible dent.