Loan Calculator
Calculate monthly loan payments, total interest, and amortization schedule for personal, auto, and student loans
Loan Details
Enter your loan information to calculate monthly payments
Unsecured loan for personal use
Payment Summary
Your loan payment breakdown
About Loan Calculations
Loan Types
- • Personal Loan: Unsecured loan for personal expenses
- • Auto Loan: Secured loan for vehicle purchase
- • Student Loan: Loan for educational expenses
Factors That Affect Your Payment
- • Loan Amount: The total amount you borrow
- • Interest Rate: The annual percentage rate (APR)
- • Loan Term: The length of time to repay the loan
- • Credit Score: Affects the interest rate you qualify for
Frequently Asked Questions
How is a loan monthly payment calculated?▾
Monthly loan payments use the amortization formula M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments.
What is the difference between APR and interest rate?▾
The interest rate is the cost of borrowing the principal, while APR (annual percentage rate) also includes fees and other charges, giving a more complete picture of the true annual cost.
Should I choose a shorter or longer loan term?▾
Shorter loan terms have higher monthly payments but lower total interest. Longer terms ease monthly cash flow but cost significantly more in interest over time.
How does making extra payments affect my loan?▾
Extra payments go directly to principal, reducing the balance that accrues interest. Even small additional amounts can shorten the loan term and save substantial interest.