CalcGrove

Loan Payment Calculator

Calculate your monthly payment and view a full amortization schedule for any loan. Works for auto loans, personal loans, student loans, and more.

$
%

Monthly Payment

$489.15

Total Paid

$29,349.22

Total Interest

$4,349.22

How to Use This Calculator

  • 1.Enter the total loan amount you want to borrow.
  • 2.Enter the annual interest rate (APR).
  • 3.Set the loan term in years.
  • 4.Click "Show Amortization Schedule" to see the month-by-month breakdown.

The Formula

M = P × [r(1+r)^n] / [(1+r)^n - 1]

Where M is the monthly payment, P is the principal (loan amount), r is the monthly interest rate (annual rate / 12), and n is the total number of payments.

Example Calculation

For a $25,000 auto loan at 6.5% APR over 5 years:

  • Monthly payment: $489.15
  • Total paid over 60 months: $29,349
  • Total interest paid: $4,349

Why This Matters

Understanding your monthly payment before borrowing helps you budget accurately and avoid taking on more debt than you can handle. The amortization schedule shows you exactly how much goes to interest vs. principal each month — early payments are mostly interest.

Find the best loan rates

Compare personal loan and auto loan rates from top lenders. Check your rate without affecting your credit score.

Compare Loan Rates

Frequently Asked Questions

What is an amortization schedule?

An amortization schedule shows the breakdown of each payment into principal and interest over the life of the loan. Early payments go mostly toward interest, while later payments go mostly toward principal.

How can I pay off my loan faster?

Making extra payments toward principal reduces your total interest and shortens the loan term. Even an extra $50-100/month can save you thousands and shave months or years off your loan.

What's the difference between APR and interest rate?

The interest rate is the cost of borrowing the principal. APR includes the interest rate plus fees and other costs, giving a more complete picture of the loan's cost.

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