Loan Calculator
Know the true cost of any loan before you sign — personal, auto, or student.
Monthly payment
$0.00
Total interest paid$0
Total cost (principal + interest)$0
Same amortization formula as the mortgage calculator, without taxes/insurance.
The number lenders don't headline: total interest
Ads quote monthly payments because a long term makes any loan look affordable. But stretching a $25,000 loan from 48 to 72 months lowers the payment by roughly $80 a month while adding thousands in total interest. Always compare total cost, not just the payment.
APR vs interest rate
The interest rate is the cost of borrowing the principal. The APR (annual percentage rate) includes lender fees, so it is the more honest number for comparison. When two offers look identical on rate, the one with the lower APR has the lower fees.
Three ways to cut loan cost
- Shorten the term if the payment still fits your budget comfortably.
- Pay extra toward principal — even one extra payment per year on a 5-year loan can cut months off the payoff.
- Shop at least three lenders; rate dispersion for identical credit profiles is often 2+ percentage points.