Before you borrow, it helps to know exactly what the loan will cost. Enter the amount, rate and term to see your monthly payment, how much of it is interest, and how extra payments shorten the loan.
How to use this calculator
- Enter the loan amount.
- Enter the interest rate (APR).
- Enter the term in months: 36 for 3 years, 60 for 5 years.
- Optionally add an extra monthly payment to see how much sooner you'd be done.
How it's calculated
Payment = P × r ÷ (1 − (1 + r)−n)
P is the loan amount, r is the monthly rate (APR ÷ 12 ÷ 100) and n is the number of months. Example: $20,000 at 9% for 60 months is $415.17 a month, with $4,910 of total interest.
Frequently asked questions
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR also includes certain fees (such as origination fees), so it's the better number for comparing loans.
Does paying extra reduce interest?
Yes, on simple-interest loans like most personal, auto and student loans. Extra money reduces the principal, so less interest accrues afterwards. Check that your loan has no prepayment penalty.
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Estimates for general information only, not financial advice. See how we calculate.