Loan Calculator

Work out the monthly payment, total interest and total cost of a personal, student or general loan.

Your numbers

Currency

Loan amount

Interest rate (APR)

Term

months

Monthly payment

$420

Total interest$5,202

Total paid$25,202

Borrowed

$20,000

Total interest

$5,202

Total of payments

$25,202

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This loan calculator turns a loan amount, interest rate (APR) and term into a monthly payment — and, just as important, shows how much interest you'll pay over the life of the loan. Use it for personal loans, student loans, debt consolidation or any fixed-rate installment loan.

The single number worth watching is total interest: a lower monthly payment from a longer term almost always means you pay far more overall. Comparing a couple of lenders on APR, not just the monthly figure, is where the real savings are.

APR bundles the interest rate with most fees, so it's the fairest number to compare between lenders.
A longer term lowers the monthly payment but raises total interest — sometimes dramatically.
Paying a little extra each month goes straight to principal and shortens the loan.

? Frequently asked questions

How is the monthly loan payment calculated?

It uses the standard amortization formula: the loan amount times the monthly rate, divided by one minus (one plus the monthly rate) to the power of minus the number of payments. Monthly rate is the APR divided by 12; the number of payments is the term in months.

What's the difference between interest rate and APR?

The interest rate is the cost of borrowing the principal; APR also includes most lender fees, so it reflects the true annual cost. Compare loans by APR.

Does a longer term save me money?

No — it lowers the monthly payment but increases the total interest you pay. A shorter term costs more per month but less overall.

CostTrek provides general information, not financial advice. Results are estimates based on the figures you enter; your actual rate, taxes and insurance will vary. Confirm details with a qualified lender or advisor.