Calculate monthly payments, total interest, and loan terms for personal loans and financing
Calculate monthly payments, total interest, and loan terms for various financing options
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Compare rates from multiple lenders
Extra Payments
Even small extra payments save significant interest
Shorter Terms
Shorter terms mean less total interest
Check Fees
Factor in all fees when comparing loans
A loan calculator helps you determine monthly payments, total interest costs, and loan terms for various types of financing. It uses the loan amount, interest rate, and loan term to calculate your payment schedule and total cost of borrowing.
The total amount borrowed
Original loan balance
Annual percentage rate charged
APR determines total cost
Length of time to repay
Months or years
Monthly Payment = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ - 1]
Where:
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Total number of payments (term × 12)
Loan Amount: $10,000
Interest Rate: 8% APR
Term: 36 months
Monthly Payment: $314
Total Interest: $1,304
Loan Amount: $10,000
Interest Rate: 8% APR
Term: 60 months
Monthly Payment: $203
Total Interest: $2,180
| Loan Term | Monthly Payment | Total Interest | Pros | Cons |
|---|---|---|---|---|
| 12 months | Higher | Lower | Fast payoff, less interest | Higher monthly payment |
| 36 months | Moderate | Moderate | Balanced payment and cost | Longer commitment |
| 60 months | Lower | Higher | Lower monthly payment | More total interest |
| 84 months | Lowest | Highest | Lowest monthly payment | Most expensive overall |