Personal loan and auto loan calculator
A $25,000 car loan at 8% for 60 months costs $506.91 a month and $5,414.59 in total interest. This calculator handles personal loans and auto loans, including down payment, trade-in, sales tax and origination fees, and shows your payment, total cost, APR and a full payoff schedule.
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- 📱 Works on mobile
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Estimate only, not financial advice. Your lender's loan agreement and Truth in Lending disclosure show the binding rate, fees and APR.
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How a personal or auto loan payment works
Installment loans are fully amortizing: equal monthly payments, with interest charged each month on the remaining balance.
payment = L × r ÷ (1 − (1 + r)^−n) L = amount financed, r = yearly rate ÷ 12, n = number of months
For an auto loan the amount financed is price × (1 + sales tax) − down payment − trade-in. A $30,000 car with 6% tax, $5,000 down and an $8,000 trade-in leaves $18,800 to finance.
Interest rate vs APR
The interest rate is the cost of borrowing the principal. The APR (annual percentage rate) also folds in finance charges such as an origination fee, so it is the better number for comparing lenders. When a fee is deducted from your proceeds, you pay interest on money you never receive, which pushes the APR above the stated rate.
| $15,000, 36 months, 11% rate | Payment | APR |
|---|---|---|
| No fee | $491.08 | 11.00% |
| 5% origination fee ($750) | $491.08 | 14.58% |
Term length: lower payment, higher cost
A longer term lowers the payment but increases total interest. On a $25,000 loan at 8%, 60 months costs $506.91 a month; stretching to 72 months cuts the payment to about $438.33 but adds roughly $1,145 of interest. Long auto loans also raise the risk of owing more than the car is worth, so aim for the shortest term your budget allows.
3 real-life examples
$25,000 car loan, 8% for 60 months
Monthly payment: $506.91. Total interest: $5,414.59. With no fees, the APR equals the 8.00% rate.
$30,000 car, 6% sales tax, $5,000 down, $8,000 trade-in
Amount financed: $18,800. At 7.5% for 72 months the payment is $325.05 and total interest is $4,603.90.
$15,000 personal loan, 11% for 36 months, 5% fee
Payment: $491.08. Interest: $2,678.91 plus a $750 origination fee, for a total cost of $3,428.91. The fee lifts the APR from 11.00% to 14.58%.