Loan Calculator
A loan calculator helps you understand the true cost of borrowing before you sign. Enter your loan amount, interest rate, and term to instantly see your monthly payment and how much interest you'll pay over the life of the loan.
Loan Calculator
Monthly Payment
$200.38
Total Paid
$12,022.77
Total Interest
$2,022.77
How to Use This Calculator
- 1 Enter the total amount you want to borrow.
- 2 Input the annual interest rate offered by your lender.
- 3 Choose a loan term — shorter terms mean higher monthly payments but less total interest.
- 4 The calculator uses the standard amortization formula to compute your fixed monthly payment.
Money-Saving Tips
- ✓ Even a 0.5% rate difference can save or cost hundreds over a multi-year loan.
- ✓ Paying even $25 extra per month can shorten a 60-month loan by several months.
- ✓ Compare APR (annual percentage rate), not just interest rate — APR includes fees.
- ✓ Credit score is the biggest lever for getting a lower rate; check yours before applying.
Frequently Asked Questions
What is a good interest rate for a personal loan?
Rates vary by credit score and lender. Borrowers with excellent credit (720+) typically qualify for 6–12% APR. Average borrowers see 13–22%, while subprime borrowers may face 25–36%.
What is the difference between a fixed and variable rate loan?
A fixed-rate loan keeps the same interest rate for the entire term, making monthly payments predictable. A variable-rate loan's rate can rise or fall with market benchmarks, creating payment uncertainty.
How is the monthly payment calculated?
Using the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1], where P is principal, r is monthly rate, and n is number of months.
Can I pay off a loan early?
Yes, in most cases — but check for prepayment penalties. Paying extra reduces principal faster, slashing total interest paid.
Popular Loan Calculators by Amount
Select a loan amount and term to see an instant payment breakdown.
| Loan Amount | 12 mo | 24 mo | 36 mo | 48 mo | 60 mo | 84 mo |
|---|---|---|---|---|---|---|
| $1k | View | View | View | View | View | View |
| $2k | View | View | View | View | View | View |
| $5k | View | View | View | View | View | View |
| $10k | View | View | View | View | View | View |
| $15k | View | View | View | View | View | View |
| $20k | View | View | View | View | View | View |
| $25k | View | View | View | View | View | View |
| $30k | View | View | View | View | View | View |
| $50k | View | View | View | View | View | View |
Showing 9 of 25 amounts · 225 combinations available
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