Loan Calculator
Estimate your monthly payment for a personal, auto, or student loan. See total interest and how extra payments shorten your term.
Your details
Estimated monthly payment
How to use this calculator
Enter your loan amount, interest rate, and term.
Add any origination fee and an optional extra monthly payment.
Read your monthly payment, total interest, and the payment schedule below.
Understanding your results
Your monthly loan payment covers two things: principal (the amount you borrowed) and interest (the lender's charge for lending). In the early months, most of each payment goes toward interest; over time, a larger share chips away at the principal balance. The amortization table below shows exactly how that shift happens month by month. Shortening the term (e.g., from 60 to 36 months) raises your monthly payment but cuts total interest significantly. See how different rates affect your borrowing cost with the mortgage calculator, or project how saved money could grow using the compound interest calculator.
| Payment | Starting balance | Interest | Principal | Ending balance |
|---|---|---|---|---|
| 1 | $25,000 | $156 | $345 | $24,655 |
| 2 | $24,655 | $154 | $347 | $24,308 |
| 3 | $24,308 | $152 | $349 | $23,959 |
| 4 | $23,959 | $150 | $351 | $23,608 |
| 5 | $23,608 | $148 | $353 | $23,255 |
What factors affect your payment
Interest rate
A higher rate increases each payment and the total interest over the life of the loan.
Loan term
A longer term lowers the monthly payment but adds interest.
Extra payments
Extra monthly payments shorten the term and cut total interest.
Worked examples
5-year auto loan
$25,000 at 7.50% APR
About $503 per month
3-year loan
Same amount, shorter term
Higher payment · less total interest
Frequently asked questions
How is my monthly loan payment calculated?
Your payment is calculated from the loan amount, interest rate and term using a standard amortization formula. A longer term lowers the monthly payment but increases total interest paid.
What is the origination fee?
An origination fee is a one-time charge some lenders add for processing the loan. It is shown separately here so you can see its impact on the total cost.
Do extra payments shorten my loan?
Yes. Enter an extra monthly amount and see how it reduces the total interest and the time to pay off the loan.
Is this a fixed or variable rate?
This calculator assumes a fixed rate for the full term. Variable-rate loans will change as the rate adjusts.
Is this an official quote?
No. CalcPilot provides estimates for planning only. Confirm rates and terms with your lender before borrowing.
Related calculators
Disclaimer
CalcPilot's calculations are estimates for planning purposes only. They are not financial, legal, or tax advice. Consult a qualified professional before acting on any result.