Loan Calculator – Estimate Your Monthly Payment
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What Is a Loan Calculator?
A loan calculator estimates your monthly payment on any amortized loan — personal loans, business loans, debt consolidation, or any fixed-rate installment loan. It shows how your loan amount, interest rate, and term combine to determine what you'll pay each month and in total.
Formula Used
M = P × [r(1+r)^n] / [(1+r)^n − 1]
Where M is the monthly payment, P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.
How to Use This Calculator
Choose whether your loan term is quoted in years or months, then enter the loan amount and annual interest rate. Click "Calculate Payment" to instantly see your monthly payment, total amount paid, and total interest over the life of the loan.
Loan Calculator vs. Mortgage Calculator
This calculator works for any general installment loan. If you're specifically financing a home purchase, our Mortgage Calculator is built for that and accounts for down payment separately. For vehicle financing, use our Auto Loan Calculator instead.
Frequently Asked Questions
What's a good interest rate for a personal loan?
Rates vary widely based on credit score and lender, typically ranging from around 6% to 20%+ for unsecured personal loans. Shop multiple lenders to compare.
Does a shorter loan term save money?
Yes, shorter terms mean less total interest paid, though your monthly payment will be higher. Longer terms lower monthly payments but increase total interest cost.
Can I pay off a loan early?
Many loans allow early payoff, but check for prepayment penalties in your loan agreement — some lenders charge a fee for paying off a loan ahead of schedule.
Is this calculator accurate for all loan types?
It works for standard fixed-rate, fixed-term amortized loans. Variable-rate loans or loans with balloon payments will differ from this estimate.