Find out what a personal, car or student loan will cost you per month — and how much of it is interest, not principal.
The Loan Calculator uses the standard amortization formula banks and lenders use to work out three things you need before signing anything: the monthly payment, the total interest you'll hand over across the term, and the total amount you'll actually repay. Enter the amount, the annual rate quoted, and the number of years — the numbers move as you tweak them, which is the point.
The right time to use this is before you accept a loan, not after: comparing two lender offers where one has a lower rate and the other a shorter term, checking whether an advertised monthly payment includes interest or not, or seeing how much a longer term really costs you across the whole loan. It doesn't include fees or insurance, so treat the total interest number as the base case, not the ceiling.
Using the standard amortization formula with principal, interest rate, and term.
Yes, compound interest compounded monthly, the standard method.
It works for any fixed-rate loan — personal, auto, student loans.
Principal plus all interest over the loan's life.
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