The loan payment calculator shows your monthly payment for any type of loan — personal loans, auto loans, student loans, or business financing. Enter three numbers and instantly see what you owe each month, how much of that is interest, and the total cost of the loan over its lifetime.
How to Use the Loan Payment Calculator
- Enter the loan amount — how much you’re borrowing.
- Enter the annual interest rate from your lender.
- Set the loan term in months or years.
- See your monthly payment, total interest, and total repayment amount instantly.
Frequently Asked Questions
What types of loans can I calculate?
This calculator works for any fixed-rate, fixed-term loan: personal loans, auto loans, student loans, home equity loans, and small business loans. It uses standard amortization, which applies to the vast majority of consumer loans.
What is amortization?
Amortization means each payment covers both interest and principal, with the split changing over time. Early payments are mostly interest; later payments are mostly principal. Your total monthly payment stays the same throughout — only the breakdown shifts.
How can I reduce total interest paid?
Three ways: choose a shorter loan term, make extra principal payments, or negotiate a lower interest rate. Even one extra monthly payment per year on a car loan can shorten the term by months and save hundreds in interest.
Does this account for fees or origination costs?
No — this shows the principal and interest payment only. Always ask your lender for the APR (Annual Percentage Rate), which includes fees and gives the true cost of borrowing for comparison.
What’s a good interest rate for a personal loan?
Personal loan rates typically range from 6% to 36% depending on your credit score. Below 10% is excellent, 10–15% is average, and above 20% is high. Compare at least three lenders before accepting an offer.