Three loan types: a standard amortized loan, a deferred-payment (lump-sum) loan, and a bond (present-value) calculation — each with full amortization/schedule tables.
Classic installment loan — equal payments of principal + interest until fully paid off.
No periodic payments — the principal plus all accumulated interest is due in full at the end of the term.
Given a target amount due at maturity, calculate how much a lender provides today (present value).
Use our free loan calculator to estimate your monthly payment, total interest, and payoff timeline for any personal, auto, or business loan. Enter your loan amount, interest rate, and term to see a full breakdown before you borrow.
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
Where M = monthly payment, P = loan principal, i = monthly interest rate (annual rate ÷ 12), n = total number of payments. This calculator also shows total interest paid over the life of the loan, so you can compare offers from different lenders on more than just the monthly payment.
The interest rate is the cost of borrowing the principal. APR includes the interest rate plus additional lender fees, giving a more complete picture of the loan's true cost.
Yes, shorter terms typically have lower total interest costs, even if the interest rate is the same, because you're paying down the principal faster. However, monthly payments will be higher.
This calculator works for any fixed-rate, fixed-term loan, personal loans, auto loans, business loans, and more. For mortgages specifically, use our dedicated Mortgage Calculator.
Extra payments reduce your principal faster, which shortens your loan term and reduces total interest, though this calculator shows the standard schedule without extra payments factored in.