How to use this calculator
By entering a few pieces of information, our loan calculator can be a great tool to get a quick glance at the monthly payment for the following loans:
- Mortgage.
- Auto.
- Personal loan.
To get started, input the following six pieces of information:
Loan amount
A loan calculator can help you fine tune your loan amount. It could help you with the following:
Compare the payment on a mortgage refinance if you include or don’t include closing costs in the amount.
See how much that extra $1,000 will increase your payment on a short-term personal loan.
Set a maximum loan amount (and sales price) before you start haggling with the salesperson at a car dealership.
Loan term in years or months
Is debt freedom more important to you, or does your monthly payment amount matter more? Picking different loan terms could help you with the following situations:
Pay your mortgage balance off faster to enjoy living in a debt-free home.
Reduce payments on a new car if you have upcoming financial milestones, such as planning a wedding or paying college tuition.
Pick a debt consolidation loan term that clears out pesky credit card balances without breaking your monthly budget.
The shortest term for most installment loans is one year and is only offered by a few lenders. This calculator automatically shows you the number of months based on the term in years.
Interest rate per year
Check our lender rate page to get an idea of the rates available for your loan and enter it here.
The rate range for auto and personal loans can vary significantly. For example, an excellent credit borrower may qualify for a rate below 8 percent on a three-year personal loan, while a fair-credit borrower could be charged a rate of almost 20 percent for the same term.
Lenders typically charge higher rates for longer repayment terms, meaning you’ll pay more in total interest.
Total interest paid
This is where you find out how much interest you’ll pay based on the loan term. The sooner the installment debt is paid off and the lower your interest rate, the less interest you will pay.
Amortization schedule
If you want to see the nuts and bolts of an installment loan, open up the amortization schedule or try out our amortization calculator. Pay attention to when interest is charged.
You pay more interest at the beginning of the loan than at the end.
The payoff date of the loan — useful if you’re budgeting for a major purchase and need extra room in your budget.
Add extra payments
This is useful if you already have a loan and want to pay it off more quickly. Experiment with this feature if you want to see how a few extra payments will affect your payoff date. You have three options:
Monthly payment.
Yearly payment.
One-time payment to see what effect it has on your loan balance and payoff date.
You’ll need to pick the date you’ll make the payments and click on the amortization.
A few scenarios when this could come in handy:
You got a raise and can afford to pay more every month.
You want to apply your tax refund every year to the loan to get rid of a debt quicker.
You received an unexpected cash windfall, such as an inheritance, and want to use a portion of it to pay down a large balance, like a mortgage loan.