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United States Loan / EMI Calculator

Work out the monthly payment on a US auto, personal or student loan in USD — simple-interest amortizing math, with total interest and total cost over the term.

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Monthly payment
$400.76
Total interest
$4,045.54
Total paid
$24,045.54

How it works

This is the United States edition of the loan calculator. It returns the level monthly payment on an amortizing, simple-interest installment loan — the structure behind virtually every US auto loan, personal loan and student refinance. Enter the amount financed in USD, the annual note rate, and the term in years, and you get the monthly payment, the total interest, and the total you will have handed over by the final installment. It is not a credit-card model: revolving balances compound and the minimum payment moves with the balance, so nothing here transfers to them.

The formula is payment = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1), where P is the amount financed, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of monthly payments. Simple interest means each installment first covers the interest accrued on the balance you still owe, and the remainder retires principal — so the payment is level while its composition tilts toward principal month after month. Promotional 0% dealer financing is handled as principal ÷ months.

Worked example at a hypothetical 7.5%: finance $32,000 over 60 months. The monthly rate is 0.075 ÷ 12 = 0.00625 and n = 60, which gives $641.21 a month, $38,472.86 repaid in total and $6,472.86 of that as interest. Stretch the identical loan to 72 months and the payment falls to $553.28 — $87.93 lighter each month — but total interest climbs to $7,836.42, an extra $1,363.56 for the two additional years of borrowing.

Three things specific to borrowing in the US. First, enter the amount financed, not the sticker price: sales tax, title, registration and any dealer add-ons are commonly rolled into the loan, while a down payment or trade-in equity comes off it. Second, shop competing offers on APR, which folds in origination and other mandatory finance charges, but compute the payment from the note rate. Third, treat a long auto term as a cost rather than a discount — the interest column is what the smaller payment buys, and a vehicle that depreciates faster than the balance amortizes is how borrowers end up owing more than the car is worth.

The tool covers principal and interest only: origination fees, GAP coverage, extended service contracts and late charges all sit outside it, and extra principal payments are not modeled. On a simple-interest loan those extra payments reduce the interest charged in every later month, so it is worth confirming your servicer applies them to principal instead of holding them as the next payment due. Buying a home instead? Use the US mortgage calculator. These are estimates for planning — confirm the final figures with your lender before you sign.

Other regions: United Kingdom, Canada, Australia.

Frequently asked questions

Does this work for a US auto loan?
Yes — US auto loans are simple-interest amortizing loans, which is exactly what this calculator models. Enter the amount financed rather than the sticker price: sales tax, title, registration and dealer add-ons are usually financed alongside the vehicle, while a down payment or trade-in reduces the amount.
Should I enter the note rate or the APR?
Enter the note rate to reproduce your payment, because that is the rate the loan is amortized at. Use the APR — which also includes origination and other mandatory finance charges — when you are comparing offers from different lenders, since it is the fairer like-for-like number.
Can I use it for a credit card balance?
No. Credit cards are revolving accounts: interest compounds on the balance and the minimum payment changes as the balance changes, so there is no fixed term to enter. This calculator only applies to loans repaid in equal installments over a set number of months.
How much does a 72-month car loan cost versus 60 months?
On $32,000 at a hypothetical 7.5%, 60 months costs $641.21 a month and $6,472.86 in interest; 72 months costs $553.28 a month and $7,836.42 in interest. You save $87.93 a month and pay $1,363.56 more overall — and you spend two extra years with a balance that may exceed the vehicle value.
What about 0% dealer financing?
The calculator handles it: at 0% the payment is simply principal ÷ months and total interest is $0. If the dealer offers a choice between 0% financing and a cash rebate, run both — taking the rebate and a normal rate is sometimes cheaper overall.
Does the result include fees or insurance?
No — it is principal and interest only. Origination fees, GAP coverage, extended service contracts, documentation fees and late charges are excluded, so your true cost of borrowing is somewhat higher than the total interest shown.
Will extra payments shorten my loan?
On a simple-interest loan, yes: money applied to principal reduces the balance every later month accrues interest on, which shortens the term. This tool does not model that, and some servicers hold extra money as the next payment due unless you tell them to apply it to principal.

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