Loan Calculator
Calculate monthly payments, total interest, and a full payoff schedule for any loan — auto, personal, student, or other installment loans.
Enter Your Details
Payment Schedule
| Year | Payment | Principal | Interest | Balance |
|---|
How Loan Payments Work
Most consumer loans — including auto loans, personal loans, and student loans — use the same amortization formula as mortgages. Each monthly payment covers interest on the remaining balance plus a portion of the principal. The payment amount stays fixed, but the interest-to-principal ratio shifts over time.
Common Loan Types
Auto Loans: Typically 3-7 year terms at rates ranging from 4% to 12%+ depending on credit score and whether the car is new or used. Longer terms mean lower payments but more total interest.
Personal Loans: Unsecured loans with terms from 1-7 years at rates from 6% to 36%. Rates are heavily dependent on credit score. Often used for debt consolidation, home improvement, or major purchases.
Student Loans: Federal loans have fixed rates set by Congress (currently 5-8%). Private student loans vary widely. Terms range from 10-25 years. Income-driven repayment plans may change your effective term.
How Interest Rate Affects Total Cost
On a $25,000 loan over 5 years, the difference between 5% and 10% interest is approximately $3,400 in total interest paid. That's why improving your credit score before borrowing can save thousands. Even a 1% rate reduction on a $25,000 loan saves about $650 over 5 years.
Paying Off Loans Early
Extra payments reduce your principal faster, which reduces total interest. Before making extra payments, check for prepayment penalties (rare but possible on some loans). Also consider whether the extra money might be better used to pay off higher-interest debt first.