Use this free loan calculator to work out the payment on any loan: a car loan, a personal loan, a student loan or a mortgage. Enter the amount, the term and the interest rate, and it shows your monthly payment, the total interest and a full amortization schedule. It also works as an interest calculator for loans that are repaid in one lump sum.
How to use this loan calculator
Pick the type of loan first, then enter the amount, the term, and the yearly interest rate. Results update as you type.
- Amortized loan: equal payments over the term. Choose how often interest compounds and how often you pay. The schedule shows how much of each payment goes to interest and how much pays down the balance.
- Deferred payment loan: no payments until the end. The calculator shows the single amount due when the loan ends.
- Bond: you know the amount to be paid at maturity. The calculator shows how much that is worth today, which is what the borrower receives at the start.
Car loan and auto loan payment calculator
For a car loan, enter the price of the car minus your down payment and any trade-in value as the loan amount. Use the APR from your lender with “Monthly (APR)” compounding and “Every month” payments.
Example: a $30,000 auto loan over 5 years at 7% APR has a car payment of $594.04 a month. Over 60 payments you pay $5,642.16 in interest.
Using it as a mortgage payment calculator
Enter the home price minus your down payment, a term of 15 or 30 years, and your mortgage rate. A $300,000 mortgage over 30 years at 6.5% comes to $1,896.20 a month for principal and interest. Property tax, home insurance, PMI and HOA fees are not included, so add those to get your full monthly housing cost.
How the payment is worked out
For an amortized loan the payment each period is:
Payment = P × i ÷ (1 − (1 + i)−n)
P is the loan amount, i is the interest rate for one payment period, and n is the number of payments. When the rate is 0%, the payment is simply P ÷ n.
If interest compounds on a different schedule from your payments (for example, compounded daily but paid monthly), the calculator first converts the rate to an effective annual rate, then to the matching rate per payment. That is why the “Effective annual rate” line can be a little higher than the rate you typed.
Interest calculator for lump-sum loans
Choose “Deferred payment loan” to see how compound interest grows when nothing is paid until the end. For example, $10,000 borrowed for 5 years at 5% compounded monthly grows to $12,833.59, so the interest is $2,833.59.
Common questions
How do I calculate my monthly loan payment?
Enter the loan amount, the term in years and months, and the interest rate. Leave “Pay back” on “Every month”. The big number at the top of the results is your monthly payment.
What is the difference between APR and APY?
APR is the yearly rate before compounding. APY (the effective annual rate) includes compounding. A 6% rate compounded monthly has an APY of about 6.17%. Choose “Monthly (APR)” if your lender quotes an APR on a monthly-payment loan, and “Annually (APY)” if they quote an effective yearly rate.
Why does paying every 2 weeks lower the total interest?
Smaller, more frequent payments reduce the balance sooner, so less interest builds up between payments.
Does this include fees, insurance or taxes?
No. It covers principal and interest only. Add any loan fees, sales tax on a car, or mortgage insurance separately when comparing offers.
These results are estimates for planning only and are not financial advice. Your lender’s figures may differ because of fees, rounding or day-count rules.
More free tools: Carinex Tech calculators.