Calculate monthly payments, total interest, and payoff timeline for any loan type.
Loan Type
Results
| Month | Payment | Principal | Interest | Balance |
|---|
Monthly payment formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P = principal, r = monthly interest rate (annual rate ÷ 12), n = number of monthly payments.
Total interest = (Monthly Payment × n) − Principal. This represents the total cost of borrowing.
Typical rate ranges: Personal loans 6%–36%, Auto loans 4%–15%, Student loans 4%–8% (federal) or higher for private loans.