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Loan Calculator

Calculate monthly payments and the true cost of any personal, auto, or business loan.

Calculate Your Loan Payment

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Monthly Payment
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Total Amount Paid
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Total Interest Paid
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Interest as % of Loan
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First Month's Interest

Understanding Your Loan

The loan calculator shows you the true cost of borrowing money. A lower interest rate or shorter term can dramatically reduce the total interest you pay. For example, on a $25,000 loan at 11.5% over 5 years, you'll pay about $7,500 in interest — but at 7% over 3 years, that drops to under $2,800.

Your credit score has the biggest impact on the interest rate you'll be offered. Improving your score before applying can save you thousands over the life of a loan.

Loan Calculator FAQ

What is a good personal loan interest rate?
Personal loan rates typically range from 6% to 36%. Borrowers with excellent credit (720+) can often qualify for rates between 6%–12%. If you're being offered above 20%, consider improving your credit score or finding a co-signer before accepting.
Should I choose a shorter or longer loan term?
A shorter term means a higher monthly payment but significantly less total interest paid. A longer term lowers your monthly payment but increases the total cost of the loan. Use this calculator to compare both scenarios side by side.
Does paying extra principal save money?
Yes — significantly. Making extra payments toward principal reduces your balance faster, which means you pay less interest over time. Even one extra payment per year on a car loan can cut months off your repayment timeline.
What's the difference between APR and interest rate?
The interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus any fees (origination fees, points, etc.), making it a better representation of the true cost of a loan. Always compare APRs when shopping for loans.