Free Tool
Loan Calculator
Instantly calculate your monthly payment, total interest, and full amortization schedule for any loan type.
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✓ All Loan Types
Loan Payment Calculator
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%
$
Monthly Payment
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to see your breakdown
Amortization Schedule
Calculate your loan above to see the amortization schedule.
How Loan Interest Works
When you take out a loan, the lender charges interest on the outstanding balance. Early payments go mostly toward interest — later payments shift toward principal.
The Payment Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
M = monthly payment | P = principal | r = monthly rate | n = total payments
Extra Payments Save Money
Even $50/month extra can cut years off your loan and save thousands in interest. Use the extra payment field above to see the impact instantly.
Loan Rate Reference
| Loan Type | Typical APR | Term |
|---|---|---|
| Personal Loan | 6% – 20% | 1–7 yr |
| Auto Loan | 4% – 15% | 2–7 yr |
| Student Loan | 4% – 12% | 10–25 yr |
| Business Loan | 5% – 25% | 1–10 yr |
| Mortgage | 5% – 9% | 15–30 yr |
Frequently Asked Questions
How do I calculate a loan payment?
Your monthly payment depends on three things: the loan amount (principal), the interest rate, and the loan term. Our calculator uses the standard amortization formula to compute this instantly. Simply enter your numbers above.
What is a good interest rate for a personal loan?
A good personal loan rate is typically below 10% APR. Borrowers with excellent credit (720+) can often secure rates of 6–8%. Rates above 20% are high — if you’re seeing those rates, work on improving your credit score first.
Should I choose a shorter or longer loan term?
A shorter term means higher monthly payments but much less total interest paid. A longer term lowers monthly payments but costs significantly more overall. Use the calculator above to compare both scenarios side by side.