Loan Calculator
Calculate monthly loan payments and total interest for personal loans, auto loans, and more.
How it works
This loan calculator uses the amortization formula to calculate your monthly payment: M = P[r(1+r)^n]/[(1+r)^n-1]. It shows you the monthly payment amount, total interest you'll pay, and the total amount you'll repay over the life of the loan.
Example
For a $15,000 personal loan at 8.5% interest over 5 years, your monthly payment would be $307.09. You'll pay $3,425.40 in interest over the life of the loan, for a total repayment of $18,425.40.
Frequently asked questions
What's a good interest rate for a personal loan?
Personal loan interest rates typically range from 6% to 36%, depending on your credit score and the lender. Rates below 10% are considered good, while rates above 20% are high. Shop around and compare offers from multiple lenders.
How can I lower my loan payment?
You can lower your monthly payment by extending the loan term, making a larger down payment, or negotiating a lower interest rate. However, extending the term means you'll pay more interest over time.
Should I pay off my loan early?
Paying off a loan early can save you money on interest. However, check if your loan has prepayment penalties. Also consider if that money could earn more in investments than you'd save on interest.
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