Calculate monthly repayments and total interest for personal, auto, or business loans. Enter the loan amount, interest rate, and term to view a full repayment schedule.
See how much of each payment goes toward principal versus interest and how the balance reduces over time.
A loan calculator uses the same amortization math as a mortgage: it takes the loan amount, the annual interest rate, and the repayment term, then computes a fixed monthly payment that fully repays the loan by the end of the term. Each payment is split between interest (charged on the remaining balance) and principal (which reduces the balance). Early in the loan, more of each payment goes to interest; later, more goes to principal. Our tool shows the monthly payment, the total interest, and the total amount repaid so you can judge affordability before borrowing.
The interest rate is the cost of borrowing the principal, expressed as a yearly percentage. The APR (annual percentage rate) is broader: it folds in certain fees and charges, giving a more complete picture of the loan's true yearly cost. Two loans can share the same interest rate but have different APRs because of differing fees. When comparing offers, the APR is usually the fairer like-for-like figure, while the interest rate is what this calculator uses to compute your scheduled payment.
There are three main levers: borrow less, secure a lower interest rate, or choose a longer term. A longer term reduces each monthly payment but increases the total interest you pay, so it is a trade-off rather than a free saving. Improving your credit score, shopping multiple lenders, and making a larger down payment can all help you qualify for a better rate. Use the calculator to test each scenario and see how the monthly payment and total cost respond.
Usually yes, because interest accrues on the outstanding balance — repaying sooner means less time for interest to build. Making extra payments toward principal, or settling the loan ahead of schedule, can reduce the total interest significantly. However, some loans carry prepayment penalties that offset part of the saving, so always read the loan agreement first. If there is no penalty, even small additional payments shorten the term and lower the lifetime cost.
An amortization schedule is a payment-by-payment table showing how each installment is divided between interest and principal, and how the remaining balance falls over time. It reveals that early payments are interest-heavy while later payments are principal-heavy. Reviewing the schedule helps you understand how much you still owe at any point and how extra payments would accelerate payoff.