Loan Calculator 2026
Estimate monthly payments, total interest, and a full amortization schedule for auto, personal, and student loans. Works for any fixed-rate loan.
Monthly payment
$489.15
| Total paid over term | $29,349.22 |
| Total interest | $4,349.22 |
| Loan amount | $25,000.00 |
The loan payment formula
Monthly payment = L x r(1+r)ⁿ / ((1+r)ⁿ - 1), where L is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. Each payment covers the month's interest first, with the remainder reducing principal.
Frequently asked questions
Well-qualified buyers typically see auto loan APRs between 4% and 7% for new cars. Rates depend on your credit score, the loan term, and the lender.
Extra principal payments reduce the balance faster, which lowers the total interest you pay over the life of the loan and shortens the term.
No. It covers principal and interest only. Add origination fees, taxes, and registration costs to the loan amount for a closer estimate.