Find out your monthly loan payment and total cost for any type of loan.
A Loan Calculator helps you find the monthly payment and total interest cost for personal loans, auto loans, or any amortized debt.
M = P[r(1+r)ⁿ]/[(1+r)ⁿ-1]Before signing any loan agreement, it's vital to know the true cost of borrowing. A "low monthly payment" can sometimes hide a high interest rate or a very long term that results in paying thousands in extra interest.
Every monthly payment is split. Part goes to paying down the balance (Principal) and part goes to the lender as a fee for the loan (Interest). Use our results to see exactly how much you are handing over to the bank over the life of the loan.
Always look at the APR (Annual Percentage Rate). While the interest rate is the base cost, the APR includes fees and other costs associated with getting the loan, giving you a more accurate picture of the total expense.
Example: $10,000 loan at 5% for 24 months = $438.71/month