PiggyLoan Calculator
Work out the monthly payment and true total cost of a car loan, personal loan or any fixed-rate installment loan.
Loan details
Monthly payment
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Total interest
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Total repaid
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Remaining balance by month
How the loan burns down over the term
Amortization schedule
Payment-by-payment breakdown
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Understanding your loan payment
Fixed-rate installment loans — auto loans, personal loans, most student loans — use the same amortization math as a mortgage. The calculator shows the payment, the total interest over the life of the loan, and the month-by-month balance so you can see the real cost of borrowing, not just the sticker payment.
Frequently asked questions
Does a longer term save me money?
A longer term lowers the monthly payment but raises total interest — often dramatically. Stretching a $25,000 car loan from 48 to 72 months can add well over a thousand dollars in interest at typical rates.
What's the difference between APR and interest rate?
APR includes the interest rate plus mandatory fees, so it reflects the true annual cost of the loan. When comparing offers, always compare APRs, not headline rates.
Can I pay a loan off early?
Most loans allow early payoff, and extra principal payments shorten the term and cut interest. Check your agreement for prepayment penalties first — they're rare on auto loans but exist on some personal loans.