Loan Calculator
Calculate your monthly loan payments, total payment, and interest.
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Loan Calculator
How Loan Calculations Work
A loan calculator helps you determine your monthly payment, total amount paid, and total interest cost for any type of installment loan — personal loans, auto loans, student loans, and more. Knowing these figures before borrowing helps you budget effectively and compare loan offers.
Loan Calculator Formula
Monthly Payment = L × [i(1+i)^n] / [(1+i)^n – 1]\n\nWhere L = loan amount, i = monthly interest rate, n = total monthly payments
Frequently Asked Questions
What is a good interest rate for a personal loan?
Personal loan rates typically range from 6% to 36% APR depending on your credit score. Borrowers with excellent credit (720+) qualify for rates under 10%. Rates above 20% are considered high — consider improving credit or choosing a secured loan for better terms.
How can I pay off my loan faster?
Make bi-weekly payments instead of monthly (results in one extra payment per year), round up payments, or make occasional lump-sum payments toward the principal. Even small extra payments can significantly reduce your total interest and payoff time.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus additional fees (origination fees, broker fees, etc.), making it a more complete measure of the true cost of the loan.
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