Loan Calculator

Calculate your monthly loan payment.

Before you borrow, know exactly what your loan will cost. Our loan calculator computes the monthly payment for any fixed-rate loan — personal loan, student loan, or consolidation — from the amount, interest rate, and repayment term. It also shows the total interest paid over the life of the loan, so you can compare offers honestly and see how a longer term lowers payments but increases total cost. Use it to negotiate better rates, plan your budget, and borrow with eyes open. Fast, free, and private.

Calculate Your Loan

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How to Use the Loan Calculator

Our free loan calculator estimates your monthly payments for any fixed-rate loan. Enter the loan amount, annual interest rate, and loan term (in years). The calculator instantly shows your monthly payment, total repayment amount, and total interest paid over the life of the loan.

Example Calculations

  • $10,000 loan at 7% for 5 years: Monthly payment = $198. Total paid = $11,881. Total interest = $1,881. A typical personal loan scenario.
  • $25,000 loan at 5% for 3 years: Monthly payment = $749. Total paid = $26,969. Total interest = $1,969. Shorter term means higher payments but less interest.
  • $50,000 loan at 8% for 10 years: Monthly payment = $607. Total paid = $72,790. Total interest = $22,790. Longer term means lower payments but significantly more interest.

Frequently Asked Questions

How do I calculate my monthly loan payment?
Use the formula M = P[r(1+r)^n]/[(1+r)^n-1] where P is the loan amount, r is the monthly interest rate, and n is the number of payments. Our calculator does this instantly — just enter your loan details.

What is APR vs interest rate?
APR (Annual Percentage Rate) includes both the interest rate and any fees, giving you the true cost of borrowing. The interest rate is just the base rate charged on the principal. APR is always equal to or higher than the interest rate.

How does loan term length affect payments?
A longer term means lower monthly payments but more total interest paid over the life of the loan. A shorter term has higher monthly payments but significantly less total interest. Always consider the total cost, not just the monthly payment.

What types of loans can this calculator handle?
This calculator works for any fixed-rate loan including personal loans, student loans, car loans, home improvement loans, and debt consolidation loans. It does not handle variable-rate loans.

What is a secured vs unsecured loan?
A secured loan requires collateral (like a car or house) and typically has lower interest rates. An unsecured loan (like a personal loan) doesn't require collateral but usually has higher rates because the lender takes on more risk.

Check out our Auto Loan Calculator, Mortgage Calculator, or browse all tools.