Loan Calculator
Calculate loan payments, total interest, and payoff schedule for any loan — personal, auto, student, or business.
Monthly Payment
$329.89
Total Interest
$4,793
32% of loan amount
Total Repaid
$19,793
Year-by-year breakdown
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| Year 1 | $2,355.25 | $1,603.42 | $12,644.75 |
| Year 2 | $2,640.84 | $1,317.83 | $10,003.91 |
| Year 3 | $2,961.07 | $997.60 | $7,042.85 |
| Year 4 | $3,320.12 | $638.54 | $3,722.72 |
| Year 5 | $3,722.72 | $235.95 | $0.00 |
Frequently Asked Questions
How do I calculate a loan payment?
Monthly payments are calculated using the loan amount, interest rate, and term. The formula ensures each payment covers accruing interest plus a portion of principal so the loan is fully paid at term end.
What is APR vs interest rate?
The interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus origination fees and other lender charges, giving a truer picture of the loan's total annual cost.
Should I choose a shorter or longer loan term?
Shorter terms mean higher monthly payments but significantly less total interest paid. Longer terms lower monthly payments but cost far more in interest over the life of the loan. Choose based on your cash flow and total cost goals.