Find your monthly payment for any loan type — and see the true cost of borrowing.
Loan Amount ($)
$
Annual Interest Rate (%)
%
Loan Term
Monthly Payment
$0.00
60-month loan at 6.5% APR
Total Paid
—
all payments
Total Interest
—
cost of loan
Interest %
—
of total paid
Annual Cost
—
per year
Payoff Date
—
est. completion
Daily Interest
—
starts at
Understanding Loan Amortization
Every loan payment has two parts: principal (reduces your balance) and interest (the lender's fee). Early payments are mostly interest; later payments are mostly principal.
Monthly Payment = P × r(1+r)^n / [(1+r)^n − 1]
P = principal · r = monthly rate · n = months
Typical rates by loan type (2026)
Auto loan (new): 5.5–8.5% APR
Auto loan (used): 7–12% APR
Personal loan: 8–24% APR
Student loan (federal): 5.5–8.05% APR
Loan FAQ
The interest rate is the cost of the loan itself. The APR (Annual Percentage Rate) includes fees and other charges, making it the true cost of borrowing. Always compare APRs, not just interest rates, when shopping for loans.
It depends on your interest rate. If the loan rate is above 6–7%, paying it off early typically beats investing. Below that, you might earn more by investing the extra money. Always check for prepayment penalties first.