QuickCalc

Loan Calculator

For car loans, personal loans, student loans or anything else with a fixed rate — enter the amount, rate and term to see what you will actually pay.

$
%
years
Monthly payment—
Total repaid—
Total interest—

Results update as you type. Estimates only — not financial advice. Spotted a wrong figure? Tell us and we will fix it.

How to read these numbers

The monthly payment is what leaves your account each month. The total repaid is every payment added up. The difference between that and the amount you borrowed is the total interest — the true price of the money.

A useful sanity check: on a five-year loan at 8%, the interest is roughly a fifth of the amount borrowed. On a ten-year loan at the same rate it is closer to half. Term length matters more than most people expect.

What is not included

Real loans carry costs beyond interest:

Always compare the APR, not just the interest rate. The APR folds fees into a single yearly figure and is the only honest way to compare two offers.

Should you choose a longer term?

A longer term lowers the monthly payment but raises the total interest. The right answer depends on which matters more to you today. If the shorter payment is comfortable, take it. If the longer one is the only way to avoid missing payments, take the longer one and pay extra whenever you can — most lenders apply extra payments to principal.

Frequently asked questions

What is the difference between interest rate and APR?

The interest rate prices the money; the APR adds fees and is therefore higher. APR is the fairer comparison between two loan offers.

Is a shorter loan always better?

It costs less in total interest, but the higher payment is a real risk if your income drops. Liquidity has value too.

Can I pay off a loan early?

Usually yes, but check for a prepayment penalty. Even without one, check whether the lender applies extra payments to principal or simply to next month's bill.

Does this work for credit cards?

It approximates them if the card charges a fixed rate, but credit cards use revolving balances and minimum payments, so the real payoff time is usually much longer.

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