Loan Calculator

How the loan calculator helps

Use this page to plan a car loan or personal loan without the guesswork. Enter the amount you want to borrow, your APR, and the term. We compute the standard fixed-payment plan and show the monthly payment you’d owe if you didn’t add anything extra. If you do add an extra monthly payment, we apply it straight to principal after interest each month. That reduces the balance faster, cuts total interest, and often trims months off your payoff date.

How to use it

1. Loan amount: The amount you’re financing after any down payment and fees you want to include.
2. APR: The annual percentage rate from your lender. We convert this to a monthly rate for the math.
3. Term: Years to repay. Shorter terms mean higher payments but less total interest.
4. Extra monthly: Optional. Add what you think you can consistently put toward principal each month.
5. Hit Calculate. Check the summary and skim the first-year amortization. Export the full schedule to CSV if you want to model different scenarios in a spreadsheet.

Reading the results

Monthly payment (no extra) is the scheduled payment from the fixed-rate formula. It’s useful as a baseline for affordability. Total interest sums all interest across the life of the loan based on your extra-payment plan. Months to payoff shows how long your plan takes with your current inputs. In the amortization table, each row breaks a payment into interest and principal and shows the remaining balance after that month. If your extra payment causes the last month to be smaller, the calculator trims it so you never overpay.

Want to compare with other debt calculators? See the Mortgage Calculator for home loans, the Credit Card Payoff Calculator for revolving balances, and the Interest-Only Loan Calculator if your loan doesn’t amortize during the term.

FAQ

Does APR include fees? APR is meant to reflect the annual cost including some fees. If your lender quotes only a nominal rate, results may differ slightly. Use the APR they provide when possible.

Is interest compounded monthly? Yes. This tool uses a standard fixed-rate, monthly-compounded model that matches most car and personal loans.

Can I make a one-time lump-sum prepayment? Export to CSV and add a lump-sum line in your sheet, or lower your balance manually and rerun the calculator to simulate it.

Will extra payments always shorten the term? As long as the extra goes to principal (and your lender applies it that way), your payoff will be faster and total interest lower.

This is a planning tool, not a loan offer. Terms vary by lender.