Loan Calculator
Find the monthly payment on any fixed-rate loan: car, personal, student or business.
| Monthly payment | $500.95 |
|---|---|
| Number of payments | 60 |
| Total paid | $30,056.92 |
| Total interest | $5,056.92 |
How to use it
- Enter how much you will borrow, after any down payment or trade-in.
- Enter the annual rate. Use 0 for a 0% promotional loan.
- Enter the term in years (use 4.5 for 54 months).
Formula
M = P × i ÷ (1 − (1 + i)^−n)P = amount borrowed, i = annual rate ÷ 12, n = number of monthly payments
Example
A $25,000 car loan at 7.5% for 5 years: i = 0.075 ÷ 12 = 0.00625 and n = 60, so M ≈ $500.95 a month. Over 60 payments you pay about $30,057, of which about $5,057 is interest.
Questions
Does a shorter term save money?
Yes. The payment goes up, but you pay interest for fewer months, so the total interest falls.
What about fees?
Origination or dealer fees aren't included. If they are rolled into the loan, add them to the amount.
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Last reviewed 2026-10-10. Found a mistake? Tell us.