Loan Payment Calculator

Calculate your monthly loan payment for personal loans, auto loans, and more. Free loan calculator with amortization details.

Inputs

Loan Payment Calculator

Calculate your monthly loan payment for personal loans, auto loans, or any installment loan. Enter your loan amount, interest rate, and term to see your payment breakdown.

How It Works

This calculator uses the standard loan payment formula to determine your monthly payment. The result includes both principal and interest.

### Understanding Your Results

- Monthly Payment: Your fixed monthly payment amount

- Total Payment: Total amount you'll pay over the life of the loan- Total Interest: Total interest charges over the loan term

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Tips

- Shorter loan terms result in higher monthly payments but lower total interest

- Compare rates from multiple lenders before borrowing
- Consider your budget when choosing a loan term

Frequently Asked Questions

Q: How is loan payment calculated?
A: Loan payments are calculated using the amortization formula, which accounts for principal, interest rate, and loan term.
Q: What's the difference between APR and interest rate?
A: APR (Annual Percentage Rate) includes both the interest rate and any fees, giving you the true cost of borrowing.