Calculate your monthly loan payment and total interest for any personal, auto, or student loan. Instant results — free tool.
Loan Details
Your Estimate
Monthly Payment
$405.53
60 months · 8% APR
💬 In Plain English
You're borrowing $20,000. Every month for the next 60 months, you'll send in $405.53. By the time you're done, you'll have paid back what you borrowed plus an extra $4,332 — think of that extra bit as the rental fee for using the bank's money instead of your own.
Results are estimates. Actual loan terms depend on your lender, credit profile, and applicable fees. Not financial advice.
👋 Simple Explanation
Think of a loan like renting money. The bank hands you a lump sum today, and in exchange you pay it back a little at a time — plus a bit extra called interest, like a rental fee for using the bank's cash instead of your own. Borrow more, take longer to pay it off, or get a higher rate, and that "rental fee" adds up fast.
This calculator uses the standard amortizing loan formula to compute your fixed monthly payment. Every payment covers accrued interest first; the remainder reduces your principal. Over time, the interest portion shrinks and the principal portion grows.
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
Where P = loan principal, r = monthly rate (APR ÷ 12), n = loan term in months. This is the same formula used by banks and credit unions worldwide.
Personal loans are unsecured (no collateral), so rates are higher — typically 6%–36% APR. Terms range from 12 to 84 months. Used for debt consolidation, home improvement, medical bills, or large purchases.
Auto loans are secured by the vehicle, so rates are lower — typically 4%–12% APR for new cars, slightly higher for used. Standard terms are 36–72 months.
Student loans have fixed federal rates set annually by Congress, or variable private loan rates. Federal rates for 2024–25 range from 6.53% to 9.08% depending on the loan type.
Jump straight to a breakdown for a specific loan amount — monthly payment, payoff timeline, and total cost.