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Loan Calculator

Free loan calculator — monthly payments, total interest, and full amortization schedule for any loan amount, rate, and term.

Loan Amount ($)

Annual Interest Rate (%)

Term (months)

Compounding — how often interest is added

⚠️ Enter a loan amount, an interest rate and a term in months.

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Everyday Uses

Big purchases

Check the real monthly cost of financing a car, appliance, or renovation before you sign — not just the price tag.

Same amount, very different totals

Two loans with the same amount can cost wildly different totals. Compare rates and terms side by side before choosing.

Debt planning

Work out what borrowing will really cost in total interest so you can decide whether to borrow less or save up instead.

Family lending

Lending to or borrowing from family? Agree on fair terms by calculating what a bank would charge.

Before signing finance

Check the dealer's monthly figure against the total you actually repay.

Comparing two offers

A lower monthly payment over a longer term usually costs more overall.

Frequently Asked Questions

How is a monthly loan payment calculated?

Monthly payment = P × [r(1+r)^n] / [(1+r)^n – 1], where P = principal, r = monthly interest rate (annual rate ÷ 12), and n = total number of payments. For example, a $10,000 loan at 6% APR over 3 years gives a monthly payment of $304.22.

What is a good personal loan interest rate in 2024?

Average personal loan rates range from 6–13% for excellent credit (750+), 14–20% for good credit (690–749), and 21–36% for fair credit (630–689). Always compare offers from at least 3 lenders — rates vary significantly.

Should I choose a shorter or longer loan term?

Shorter terms (12–36 months) mean higher monthly payments but much less total interest. Longer terms lower the monthly payment but can double the total interest paid. If you can afford the higher payment, a shorter term saves money.

What is the difference between a fixed and variable rate loan?

A fixed-rate loan keeps the same interest rate for the entire term — predictable and safe. A variable rate can rise or fall with market rates. Variable rates often start lower but carry the risk of increased payments if rates climb.

How does my credit score affect my loan interest rate?

A 100-point difference in credit score can mean a 3–5% difference in interest rate. On a $20,000 loan over 5 years, that translates to paying $1,500–$3,000 more in total interest. Improving your credit score before applying saves significant money.

Can I pay off a loan early without penalties?

Many personal loans have no prepayment penalty, so paying extra goes directly to principal and reduces total interest. Always check your loan agreement — some lenders charge a fee of 1–5% of the remaining balance for early payoff. Look for "no prepayment penalty" loans.