Estimate your monthly payment and total interest on a personal loan, auto loan, or any fixed-rate installment loan.
Your monthly payment is calculated using the standard fixed-rate amortization formula, the same one lenders use for personal loans, auto loans, and other installment debt:
Where P is the loan amount, r is the monthly interest rate (APR ÷ 12), and n is the total number of monthly payments.
If you enter an origination fee, it's deducted from your loan proceeds upfront but you still pay interest on the full loan amount — which is why the net amount you receive is lower than what you actually owe.
APR includes the interest rate plus most lender fees, expressed as a yearly rate. For personal loans, APR is usually the more accurate number to compare across lenders, since interest rate alone can hide fees.
Lenders factor in your specific credit profile and may structure fees differently than a flat origination percentage. Use this as a planning estimate, not a final loan offer.
For most installment loans without prepayment penalties, yes — paying extra toward principal reduces the interest charged in future months. Check your loan agreement for prepayment penalty clauses first.
A shorter term means a higher monthly payment but less total interest paid. A longer term lowers your monthly payment but increases total interest. Try a few different terms above to compare directly.
This calculator provides estimates for educational purposes only and does not constitute financial advice or a loan offer. Actual loan terms depend on your lender and credit profile.