Loan Calculator
Calculate loan payments, interest rates, and repayment schedules
Privacy & Security
All loan calculations are performed locally in your browser. No loan amounts, rates, or financial information are stored, transmitted, or tracked. Your financial privacy is fully protected.
About Our Loan Calculator
Our comprehensive loan calculator helps you estimate monthly payments, total interest costs, and create detailed repayment schedules for any type of loan - personal loans, auto loans, student loans, or business loans. Whether you're planning to borrow or comparing lender offers, this calculator provides the transparency you need to make smart financial decisions and understand the true cost of borrowing.
Key Features
Monthly Payment Calculator
See exactly how much you'll pay each month
Total Interest Display
Understand the complete cost of your loan over time
Amortization Schedule
View detailed payment breakdown month by month
Multiple Loan Types
Works for personal, auto, student, and business loans
Flexible Terms
Calculate for any loan duration from months to years
Variable Interest Rates
Test different rates to compare lender offers
Extra Payment Options
See how extra payments reduce interest and loan term
Instant Results
Real-time calculations as you adjust values
How to Use the Loan Calculator
Enter Loan Amount
Input the total amount you plan to borrow (principal)
Set Interest Rate
Enter the annual interest rate offered by the lender
Choose Loan Term
Select the repayment period (in months or years)
View Results
See monthly payment, total interest, and full amortization schedule
Loan Planning Tips
- Shop Around: Compare rates from at least 3-5 lenders to ensure you get the best deal
- Improve Credit First: Better credit scores unlock lower interest rates - even small improvements help
- Shorter Terms Save Money: Longer terms mean lower monthly payments but significantly more interest paid
- Consider Total Cost: Don't just focus on monthly payment - look at total interest over loan life
- Make Extra Payments: Even small extra payments can save thousands in interest
- Read the Fine Print: Watch for origination fees, prepayment penalties, and hidden charges
Frequently Asked Questions
How are loan payments calculated?
Loan payments are calculated using the loan amount (principal), interest rate, and term length. The formula ensures equal monthly payments that cover both interest and principal, with early payments going mostly toward interest and later payments toward principal.
What's the difference between interest rate and APR?
Interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus additional fees and costs, giving you the true total cost of the loan. Always compare APRs when shopping for loans.
Should I choose a shorter or longer loan term?
Shorter terms mean higher monthly payments but less total interest paid. Longer terms offer lower monthly payments but cost significantly more over time. Choose based on your budget and financial goals - prioritize manageable payments while minimizing interest.
What is an amortization schedule?
An amortization schedule shows how each payment is split between principal and interest over the loan's lifetime. It reveals that early payments are mostly interest, while later payments increasingly go toward principal. This helps you understand loan payoff progress.
Can I pay off my loan early?
Most loans allow early payoff, which saves interest. However, some lenders charge prepayment penalties. Check your loan terms. If no penalty exists, making extra principal payments or paying off early can save substantial interest.
How does my credit score affect my loan?
Credit scores significantly impact loan approval and interest rates. Higher scores (740+) qualify for the best rates, while scores below 600 may face high rates or rejection. Improving your score before applying can save thousands in interest.
Why Use Our Loan Calculator?
Before signing any loan agreement, you need to understand exactly what you're committing to. Our loan calculator gives you complete transparency - see not just your monthly payment, but the total cost over the loan's lifetime. Compare different scenarios instantly: what if you borrow less? Choose a shorter term? Get a lower interest rate? These insights empower you to negotiate better terms, avoid predatory lending, and make borrowing decisions that align with your financial goals.