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Calculate monthly payments for any fixed-rate loan — auto, personal, or student
A $30,000 car loan at 6.5% interest over 5 years would have a monthly payment of $586.67. Total interest paid: $5,200.37. Total cost of the loan: $35,200.37.
A $10,000 personal loan at 10% interest over 3 years would have a monthly payment of $322.67. Total interest paid: $1,616.19. Total cost: $11,616.19.
A $50,000 student loan at 5.5% interest over 10 years would have a monthly payment of $542.64. Total interest paid: $15,117.09. Total cost: $65,117.09.
Loan payments use the amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal, r is the monthly interest rate (annual rate / 12), and n is the total number of monthly payments.
A fixed-rate loan keeps the same interest rate for the entire loan term, so your monthly payment never changes. A variable-rate loan has an interest rate that can change over time based on market conditions, meaning your payment may go up or down.
You can pay off your loan faster by making extra principal payments, making bi-weekly payments instead of monthly, rounding up your payments, or refinancing to a shorter term. Even small extra payments can significantly reduce total interest.