Loan Calculator
Use this free loan payment calculator to find your exact monthly payment, total interest cost, and full amortization schedule for any personal loan, auto loan, or installment loan. Enter your loan amount, APR, and repayment term — see your complete breakdown instantly, no sign-up required.
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 loan amount you want to borrow.
- 2 Input the annual interest rate (APR) offered by your lender.
- 3 Choose a repayment term — shorter terms mean higher monthly payments but lower total interest paid.
- 4 The calculator applies the standard amortization formula to compute your fixed monthly payment and interest breakdown.
Money-Saving Tips
- ✓ Even a 0.5% APR difference can save or cost hundreds over a multi-year loan — always compare offers.
- ✓ Paying $25–$50 extra per month can cut a 60-month loan by several months and save significantly on interest.
- ✓ Compare APR (not just interest rate) — APR includes lender fees and reflects the true cost of borrowing.
- ✓ Your credit score is the biggest factor for getting a lower rate — check yours free before applying.
Frequently Asked Questions
What is a good interest rate for a personal loan?
A good personal loan rate is under 12% APR. Typical rates by credit score: 720+ = 6–12%, 680–720 = 13–17%, 640–680 = 18–24%, below 640 = 25–36%. Always compare at least 3 lenders to find the lowest APR for your credit profile.
What is the difference between a fixed and variable rate loan?
Fixed rate: the same APR for the entire loan term — monthly payments never change. Variable rate: APR fluctuates with market benchmarks — payments can rise or fall. Choose fixed for predictability; consider variable only when rates are expected to fall significantly.
How is the monthly loan payment calculated?
Monthly payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P = principal, r = monthly rate (APR ÷ 12), n = months. Example: $10,000 at 11% APR over 60 months = $217/month. This amortization formula keeps payments fixed while the principal/interest split shifts each month.
Can I pay off a personal loan early?
Yes — most personal loans allow early payoff with no penalty. Check your loan agreement for prepayment fees (rare but possible). Making extra principal payments each month reduces your balance faster, cuts total interest paid, and shortens your repayment timeline.
All Loan Calculators by Amount & Term
Select any loan amount and repayment term to see an instant payment breakdown.
225 calculators across 25 amounts and 9 terms