Loan Calculator

The loan calculator below, from The Finance Reveal, estimates the monthly payment and total interest on any fixed-rate loan, whether that is a personal, auto, or student loan. Enter the amount, the interest rate, and the term in months, and it does the rest.

How to use it

Put in the amount you want to borrow, the interest rate you have been offered, and the length of the loan in months. The calculator shows your monthly payment and splits the total cost into principal and interest, so you can see the true price of borrowing.

Why the term matters so much

A longer term lowers your monthly payment, which can look appealing, but it raises the total interest you pay, sometimes dramatically. A shorter term costs more each month but far less overall. Trying both is the fastest way to see the trade-off for your own numbers.

Before you borrow

The rate you are offered depends heavily on your credit score, so it can pay to improve it first. If you are borrowing to clear other balances, our Debt guides cover payoff strategies that may cost less than a new loan.

Frequently asked questions

Can I use this for a car or student loan?

Yes. Any fixed-rate, fixed-term loan works. Enter the amount, rate, and number of months, and the result applies.

Does it include fees?

No. It calculates principal and interest based on the rate you enter. Some loans carry origination or other fees, so check the APR and the full terms with your lender.

What is the difference between the rate and the APR?

The interest rate is the cost of borrowing the principal. The APR includes the rate plus certain fees, so it gives a fuller picture of the real cost. Compare loans on APR where you can.

Related calculators and guides

Find more tools in Financial Tools, or try our mortgage calculator and compound interest calculator. For guidance, see our Loans section.