Estimate your monthly loan payment in a few quick steps.
Add the total amount you plan to borrow.
Enter any upfront payment that reduces the principal you owe.
Select how many years you plan to repay the loan (for example, 1–7 years).
Input the annual interest rate (APR) from your lender to calculate your payment and total interest.
Your monthly payment is calculated using the loan principal, annual interest rate, and loan term. The formula accounts for compound interest to give you a fixed monthly payment.
The total cost includes your down payment plus all monthly payments over the life of the loan, which covers both the principal and all interest charges.
An amortization schedule shows how each payment is split between interest and principal and how your remaining balance decreases with every payment.