Estimate your monthly payment, total interest, and payoff for any personal, auto, or mortgage loan.
Estimates only. Excludes taxes, insurance, and fees. Verify with your lender.
A loan calculator estimates your monthly payment by spreading the loan amount plus interest evenly across the term, so you can see the payment, total interest, and total cost before you borrow.
The monthly payment uses the amortization formula M = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly interest rate (APR divided by 12), and n is the number of monthly payments (years x 12). Results are estimates, not financial advice.
Total interest equals the monthly payment times the number of payments, minus the original loan amount. A longer term lowers the monthly payment but increases the total interest you pay over the life of the loan.
No. It calculates principal and interest only. Taxes, insurance, origination fees, and other charges are not included, so confirm your final figures with your lender.