Loan Calculator
Calculate your monthly payment, total interest, and full amortization schedule for any loan. Enter your loan amount, interest rate, and loan term to instantly see your estimated monthly payment and total interest paid.
Files processed in your browser — never uploaded to our serversFrequently Asked Questions
Monthly payment is calculated using the standard amortization formula: M = P x r(1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the number of payments.
A personal loan calculator lets you estimate your monthly payment and total interest cost before you apply for a loan. You enter the loan amount, annual interest rate, and repayment term, and the calculator does the math instantly.
The three main factors are loan amount (principal), interest rate, and loan term. A higher principal or higher interest rate increases your payment, while a longer term spreads payments out and lowers each one — though you pay more interest overall.
Personal loan rates vary widely based on your credit score, income, and lender. Borrowers with excellent credit (720+) may qualify for rates below 10%, while those with fair credit may see rates of 15-25% or higher. Comparing offers from multiple lenders is the best way to find a competitive rate.
A longer loan term lowers your monthly payment by spreading the balance over more months, but it also means you pay interest for longer, increasing your total cost. A shorter term results in a higher monthly payment but less total interest paid.
Yes. This calculator works for any installment loan — personal loans, auto loans, student loans, and more. Simply enter the loan amount, interest rate, and term in months to see your payment and full amortization schedule.
The interest rate is the annual cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus most lender fees, giving a more complete picture of the true cost. When comparing loan offers, APR is the better number to use.
You can lower your monthly payment by reducing the loan amount (making a larger down payment), securing a lower interest rate (by improving your credit score or shopping lenders), or choosing a longer loan term. Keep in mind that a longer term increases your total interest cost.
It depends on your priorities. A shorter term saves significant money on interest and gets you debt-free sooner, but requires higher monthly payments. A longer term frees up cash each month but costs more overall. Use the calculator to compare both scenarios side by side.
An amortization schedule shows each monthly payment broken down into principal and interest portions, along with the remaining balance after each payment.