About the Loan Calculator tool
Work out what a car loan, personal loan or student loan will cost. Enter the amount, rate and term to see the monthly payment and total interest, and add extra payments to see how fast you could be debt-free.
How to use it
- Enter the loan amount, interest rate and term in years.
- Optionally add an extra monthly payment.
- Review the payment, total interest and payoff date.
Frequently asked questions
How is the monthly payment calculated?
With the standard amortization formula: payment = P × r ÷ (1 − (1 + r)^−n), where r is the monthly rate and n the number of payments.