Loan Calculator
Free loan calculator for any fixed-rate installment loan. Calculate monthly payments, total interest, and full amortization schedule instantly.
How Installment Loan Payments Work
Every fixed-rate loan — whether you're financing a car, consolidating debt, or covering a major expense — follows the same amortization math. Understanding that math before you sign helps you compare offers, avoid overborrowing, and plan your debt payoff strategy.
Installment loans charge interest on your remaining balance each month. Early in the loan, most of your payment goes to interest; over time, more goes to principal. The loan calculator shows this split clearly so you know exactly what you're paying for.
When comparing loan offers, don't look at monthly payment alone. A lower payment with a longer term often means much more total interest. Always compare total cost — and use the APR Calculator when lenders charge origination or processing fees.
If you're already carrying credit card or other high-APR debt, run this calculator for any new loan offer and compare the rate against your existing balances. Borrowing at 10% to pay off 24% credit card debt can make sense — borrowing at 15% to fund discretionary spending usually doesn't.
How These Calculations Work
Transparent methodology — no black boxes. Here's exactly what happens when you use this calculator.
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Enter loan amount, annual interest rate (APR), and term in years.
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The engine calculates your fixed monthly payment using standard amortization.
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Each month, interest is applied to the remaining balance, then principal is reduced.
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Total interest and payoff date are summed across the full schedule.
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Review the amortization table to see how each payment splits between interest and principal.
Frequently Asked Questions
Any fixed-rate installment loan — personal loans, auto loans, home improvement loans, and general borrowing. It uses standard amortization math.
Payment = P × [r(1+r)^n] / [(1+r)^n − 1]. At 0% APR, payment = principal ÷ number of months.
This calculator shows the standard schedule. For early payoff analysis, use our Personal Loan Early Payoff or Interest Savings calculators.
APR includes fees spread over the loan term. Use our APR Calculator to compare the true cost of loans with upfront fees.
Knowing your true monthly obligation before borrowing prevents overextension and helps you compare loan offers against your existing debt payoff plan.