Personal loan example
A $20,000 personal loan over 5 years at 7% has a payment of about $396 per month before fees. Adding a lender fee reduces the amount you effectively receive and raises the APR-style cost.
Loan Calculator: Monthly Payment, Total Interest and Amortization Schedule
Use this loan calculator for personal loans, auto loans, mortgages, and other fixed-rate installment loans. Enter the amount, rate, term, start month, and optional fees or extra payments to estimate the regular payment, total interest, final payoff date, interest saved, and a payment-by-payment amortization schedule.
Inputs
Results
Estimated Monthly Payment
$0.00
Calculated from the current loan amount, rate, and term.
Total Principal$0.00
Total Interest$0.00
Total Repayment$0.00
Total Cost of Loan$0.00
Total of Payments0 payments
Estimated Payoff Date-
Payoff Date Without Extras-
Payoff Date ChangeNo change
Interest Saved With Extras$0.00
Time Saved With Extras0 months
Amount Received After Fees$0.00
Effective APR-Style Cost0.00%
Interest-to-Principal0.00%
First Payment Split$0.00 principal / $0.00 interest
Payment breakdown
Principal
Interest
Fees
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Amortization Schedule
Calculation assumptions and disclosure
Last reviewed: June 24, 2026. Last updated: June 24, 2026.
This calculator estimates fixed-rate installment loans with regular monthly or quarterly payments. It does not include taxes, insurance, escrow, late fees, variable rates, promotional payment rules, or exact lender day-count conventions. Results are estimates for planning and comparison only; lender methods and final loan documents may vary.
What interest rate should you enter?
Use the annual interest rate or APR from the lender quote when you have one. For personal loans and auto loans, lenders often quote an APR that includes certain fees; for mortgages, the note rate and APR may both be shown. If you only know the advertised interest rate, enter that rate and add any known fees in the fee fields to estimate the broader cost.
APR vs APY: APR is an annual borrowing rate commonly used for loans. APY describes an annual yield after compounding and is more common for savings products. This calculator lets you choose monthly compounding for typical APR-style loan estimates or annual compounding when your terms are stated that way.
Realistic rates depend on credit score, income, debt-to-income ratio, loan type, collateral, term length, down payment, market rates, and lender underwriting. Secured loans such as auto loans and mortgages may have lower rates than unsecured personal loans, but the asset can be at risk if payments are missed.
Fixed-rate loan payment formula
payment = P × r(1+r)n / ((1+r)n - 1)
Where P is the loan principal, r is the interest rate per payment period, and n is the number of payments. With the default values of $20,000, 7% APR, monthly compounding, and 60 monthly payments, r is 0.07 / 12 and the estimated monthly payment is about $396.02 before optional fees or extra payments.
Practical loan examples
Auto loan example
A buyer comparing 48-month and 72-month auto loans may see a lower payment on the longer term, but the longer term usually creates more total interest and a slower equity build-up.
Mortgage-length example
A 30-year mortgage spreads payments across 360 months. The payment can be easier to manage than a 15-year term, but early payments are interest-heavy and total interest can be much larger.
Extra payment example
Even a modest recurring extra payment can shorten the schedule because each extra dollar reduces the principal used to calculate future interest.
Short term vs long term
| Choice | Typical payment | Total interest | Best when |
|---|---|---|---|
| Shorter term | Higher | Lower | You can afford the payment and want to reduce borrowing cost. |
| Longer term | Lower | Higher | You need payment flexibility and accept a higher total cost. |
Loan Calculator FAQ
How accurate is this loan calculator?
It uses the standard fixed-rate amortization formula and rounds the final payment to clear the remaining balance. Lender results can differ because of payment timing, day-count rules, escrow items, fees, rounding, or promotional terms.
What is a good loan term?
A good loan term is the shortest term with a payment you can comfortably afford. Shorter terms usually cost less interest, while longer terms lower the payment but increase total borrowing cost.
How do extra payments affect interest?
Extra payments reduce principal sooner. Because future interest is calculated on the remaining balance, extra payments can shorten the payoff date and reduce total interest.
Does the calculator include taxes or insurance?
No. It estimates principal, interest, optional loan fees, and optional extra payments. It does not include mortgage taxes, homeowners insurance, private mortgage insurance, vehicle insurance, or escrow items.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing before some fees. APR is intended to express annual borrowing cost including certain fees, so APR is often higher than the stated interest rate.
Why is most of my early payment interest?
Interest is based on the outstanding balance. At the start, the balance is highest, so more of each payment goes to interest. As principal falls, more of the same payment goes toward principal.
Can this calculate auto loans and personal loans?
Yes. It works for fixed-rate installment loans such as personal loans, auto loans, student loans, and simple mortgage comparisons, as long as the payment schedule is fixed.
Why might lender results differ?
Lenders may use exact calendar days, different compounding conventions, delayed first payments, fees financed into the balance, escrow charges, taxes, insurance, or rounding rules that this estimate does not model.
Is my data private?
Yes. The calculator runs in your browser and does not upload or store the numbers you enter.