Loan Calculator

How to use this loan calculator

Pick the type of loan you're considering at the top: auto, personal, student, business, or general. The defaults adjust to typical values for that loan type. Then enter the loan amount, interest rate, and term. Your monthly payment, total interest, and payoff date update instantly. Open the payment schedule below to see exactly how each payment splits between principal and interest.

What's the difference between loan types?

Auto loans typically run 36-84 months with rates of 5-12% depending on credit and whether the car is new or used. Personal loans are unsecured (no collateral), with terms of 12-60 months and higher rates of 8-25% reflecting the risk. Student loans have longer terms (10-25 years) and lower rates (3-12%), often with deferment options. Business loans vary widely. Equipment loans look like auto loans, while SBA loans can stretch 10-25 years. General just means use this calculator for any standard amortizing loan.

How interest is calculated

This calculator uses standard amortization, the same formula banks and credit unions use. Your monthly payment stays the same throughout the loan, but the split between principal and interest changes. In early payments, more goes to interest because the balance is highest. As you pay down the loan, more of each payment reduces what you owe. The "Balance over time" chart shows this visually. By the final payment, almost the entire amount goes to principal.

Should you make extra payments?

If your loan has no prepayment penalty (most don't, but check), making extra payments toward principal can save substantial interest. Even an extra $50/month on a 60-month auto loan typically cuts months off the term and saves hundreds in interest. The savings are most dramatic on long-term loans like student or business loans where small extra principal payments compound over years.

FAQ

Are the calculations accurate? Yes. The math uses the standard amortization formula. Numbers match what your lender would quote within rounding. Real-world payments may vary slightly based on how the lender handles fees and the exact day-count convention.

Does this work for any loan? It works for any fixed-rate, fully-amortizing loan (a loan that's fully paid off by equal monthly payments). That covers nearly all consumer loans. It does not handle interest-only loans, balloon loans, or variable-rate loans.

Does this calculator save my information? No. Everything happens in your browser. We never send, store, or share your numbers. Refreshing the page resets the inputs.

What's a good interest rate? Rates change daily and depend heavily on your credit score, loan type, and lender. As a rough guide for early 2026: auto loans 6-10%, personal loans 8-15%, student loans 5-9%, business loans 7-13%. Check current rates with multiple lenders before committing.

Should I take a longer term to lower my monthly payment? Longer terms mean lower monthly payments but more total interest. Try toggling between term lengths above to see the tradeoff. A 36-month auto loan at $700/month often saves thousands over a 72-month auto loan at $400/month, even though the smaller payment feels easier.