This loan calculator works well for personal loans, auto loans, and other fixed-term borrowing. It helps users compare monthly payment levels and total financing costs before applying.
Interactive calculator
Monthly payment
$511.71
Equal monthly installments
Total repayment
$30,702.55
Total interest
$5,702.55
How to use
Step 1
Enter the amount you plan to borrow.
Step 2
Set the APR or quoted annual interest rate.
Step 3
Use the repayment term in months to compare affordability and total borrowing cost.
Formula and method
Fixed installment loans use the same amortization structure as mortgages, with the payment determined by loan amount, monthly interest rate, and number of monthly payments.
Frequently asked questions
Yes. The formula works for most fixed-rate auto loans and personal loans that use equal monthly payments.
The payment becomes the borrowed amount divided evenly across the repayment term because no interest is added.
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