How to Use This Loan Calculator
Enter your loan amount, interest rate, and loan term to calculate your monthly payment. This calculator works for auto loans, personal loans, student loans, and any other fixed-rate installment loan. Click "Show Payment Schedule" to see a detailed breakdown of each payment.
Auto Loan Considerations
When financing a vehicle, consider the total cost of the loan, not just the monthly payment. Longer loan terms mean lower monthly payments but more interest paid overall. Most financial advisors recommend keeping auto loan terms to 48-60 months maximum.
Personal Loan Tips
Personal loans typically have higher interest rates than secured loans like mortgages or auto loans. Your credit score significantly impacts the rate you'll receive. Shop around with multiple lenders to find the best rate, and consider paying off high-interest debt first.
Understanding the Payment Schedule
The payment schedule shows how each payment is split between principal and interest. Early payments go mostly toward interest, while later payments pay down more principal. This is called amortization. Making extra payments toward principal can significantly reduce total interest paid.