Loan Calculator

Calculate the monthly payment and total interest on an auto, personal, or student loan. Set the loan amount, APR, and term — see what each month costs and how the principal-vs-interest split shifts over the life of the loan.

How to use the loan calculator

1. Pick a loan type — auto, personal, student, or custom. The preset fills sensible defaults you can adjust.
2. Enter the loan amount.
3. Set the APR (annual percentage rate). Auto loans are typically 7%–10%; personal loans 10%–15%; student loans 5%–7% depending on federal vs. private.
4. Set the term in months (60-month auto loan, 36-month personal loan, 120-month student loan are common defaults).
5. Read the monthly payment and total interest. The chart below shows how each payment is split.

Example: $28,000 auto loan at 8.5% for 60 months

Monthly payment: $574. Total paid over 60 months: $34,463. Total interest: $6,463 — about 23% of the principal. In the first month, $375 of the $574 payment is principal; $199 is interest. By month 60, $570 is principal and $4 is interest.

Loan types compared

• Auto loans — secured by the car. Lower rates (6%–10%), terms typically 36–84 months. Used cars often cost a percentage point or two more than new.
• Personal loans — unsecured. Higher rates (10%–25%), shorter terms (24–60 months). Used for debt consolidation, home improvement, or emergencies.
• Student loans — federal loans have fixed rates set by Congress; private loans range 5%–13% based on credit. Terms are typically 10–20 years.

Frequently asked questions

What's APR vs. interest rate?

The interest rate is the simple cost of borrowing. APR includes fees (origination, processing). Compare lenders on APR, not rate.

Are there prepayment penalties?

Often yes on auto and personal loans, especially in the first 1–2 years. Always ask before signing. Federal student loans have no prepayment penalty.

How does my credit score affect the rate?

A 50-point difference in credit score can move a rate 2–5 percentage points. On a $25k 60-month loan, that can mean $40+ per month.