Loan Calculator
Calculate your monthly loan payment and total interest for any personal, auto, or business loan.
Loan Calculator
Calculate your monthly loan payment instantly.
Monthly Payment
0What This Loan Calculator Does
This tool calculates your estimated monthly loan payment based on the loan amount, interest rate, and loan term. It uses the standard amortization formula to determine your fixed monthly payment and also shows you the total interest you'll pay over the full life of the loan, along with the total amount you'll repay.
How to Use the Loan Calculator
Enter the total loan amount you're borrowing. Enter the annual interest rate you expect to receive. Enter the loan term in years. The calculator instantly shows your monthly payment, total interest paid, and total amount paid over the full loan term.
Pro Tip: A higher credit score usually qualifies you for lower interest rates, which can save you thousands in interest over the life of the loan. Always check your credit report before applying for a loan.
M = P × (r(1+r)ⁿ) ÷ ((1+r)ⁿ − 1)
Where M = Monthly Payment, P = Loan Amount, r = Monthly Interest Rate, n = Number of Payments
Understanding Your Loan Payment
Your monthly loan payment consists of two components: Principal (the amount you borrowed) and Interest (the cost of borrowing). In the early years of a loan, a larger portion of your payment goes toward interest. Over time, more of your payment goes toward the principal balance — this is called amortization.
Frequently Asked Questions
Personal loan rates typically range from 6% to 36% depending on your credit score, income, and the lender. A good rate is anything below the average for your credit tier — generally under 10% for excellent credit and under 20% for fair credit.
A shorter loan term means higher monthly payments but less total interest paid over the life of the loan. A longer loan term means lower monthly payments but more total interest. Choose based on what fits your monthly budget.
APR (Annual Percentage Rate) includes the interest rate plus loan fees and other costs. It's a more complete picture of what you'll actually pay. The interest rate is just the cost of borrowing without fees included.
Yes, this calculator works for any fixed-rate loan including personal loans, auto loans, student loans, and business loans. It uses the standard amortization formula that applies to most installment loans.