About this tool
A loan payment depends on three numbers: the amount, the interest rate, and how long you take to repay it. This calculator gives the fixed monthly payment for any car, personal, student, or other amortizing loan, the total interest over the life of the loan, and a year-by-year schedule of how each payment splits between principal and interest.
The extra payment field is the useful part: paying $50 more a month on a typical car loan cuts months off the term and hundreds of dollars of interest, and the calculator shows exactly how much.
How to use it
- Enter the amount borrowed, the APR, and the term in years.
- Optionally add an extra monthly payment to see the interest saved and the earlier payoff.
- Check the year-by-year table for the remaining balance at any point.
Questions
Why is most of the early payment interest?
Interest is charged on the outstanding balance, which is largest at the start. As the balance falls, more of each fixed payment goes to principal. Extra payments early on save the most because they cut the balance while the interest is highest.
APR or interest rate?
APR includes lender fees spread over the term, so it is the better number for comparing offers. This calculator treats the rate you enter as the annual rate compounded monthly.
Is anything I type sent anywhere?
No. The calculator runs entirely in your browser; nothing is stored or transmitted. Refresh the page and it starts clean.
Is it free, are files uploaded, which browsers work: the general questions are answered once for the whole site.