Loan Calculator
Calculate loan payments, total interest, and repayment schedules for personal loans, auto loans, and more.
Last updated: June 2026
Example: $15,000 Personal Loan at 10% for 5 Years
Inputs
Results
What This Means
→ This example shows a typical personal loan where you borrow $15,000 at 10% interest over 5 years.
→ Your monthly payment is $318.71—this is the fixed amount you'll pay every month for 60 months.
→ Over 5 years, you'll pay a total of $19,122.60 to the lender. The extra $4,122.60 beyond what you borrowed is interest—the cost of borrowing.
→ If you had found a 9% offer instead, your monthly payment would be about $316/month and you'd save over $400 in total interest. This is why shopping around for the best rate matters.
Our calculators are built using established financial and scientific formulas. Finance tools follow standard amortization and compound interest principles. Health tools use WHO and NIH reference standards.
Last reviewed: June 2026
Learn more about our methodology →About the Loan Calculator
What Is a Loan Calculator and Why It Matters
A loan calculator helps you estimate your monthly payment, total interest charges, and repayment timeline for personal loans, auto loans, student loans, or any fixed-rate installment loan. Understanding these numbers before you borrow is critical for sound financial planning.
Most people focus only on the monthly payment, but the total interest you pay is often far more important. A loan calculator helps you compare different loan offers by showing you the true cost of borrowing, not just the monthly number that lenders advertise.
How Loans Are Calculated
Our calculator uses the same amortization formula banks use:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where:
- M = Monthly loan payment
- P = Principal (amount borrowed)
- r = Monthly interest rate (annual rate ÷ 12)
- n = Number of payments (months)
This formula ensures that each monthly payment covers accrued interest plus a portion of principal, so the loan is fully repaid by the end of the term.
Understanding Your Loan Results
Each result tells you something important:
Monthly Payment — The amount you pay each month. This is typically what you'll see on your loan statement, though actual payments may include insurance, taxes, or fees.
Total Payment — Sum of all monthly payments. This is the true cost you'll pay to the lender over the life of the loan.
Total Interest — The difference between total payments and principal. This is pure cost—the price of borrowing money. It's the number to watch when comparing different loan offers.
Common Loan Types and Typical Rates (2024)
- Personal loans: 8–36% APR depending on credit score
- Auto loans: 5–10% for most borrowers, 3–5% for excellent credit
- Student loans: Federal: 5–8%, Private: 6–14%
- Credit cards: 15–25% (much higher, use calculators to minimize balance)
Comparing Loan Offers
Use this calculator to compare multiple offers by entering each lender's terms. The loan with the lowest monthly payment isn't always the cheapest—the one with the lowest total interest often saves you the most money.
For example, you might find that paying $5 more per month on a shorter-term loan saves you $1,000+ in interest over its lifetime.
Frequently Asked Questions
Personal loan interest rates vary widely based on credit score, income, loan purpose, and lender. Good credit typically qualifies for 8–15%, while fair credit may be 15–25%. Excellent credit may get 5–10%. Compare offers from multiple lenders to find the best rate available to you.
How to Use This Calculator
- 1Enter the total amount you want to borrow. Be realistic about what you need.
- 2Enter the annual interest rate. Get this from your lender or calculate it from your APR.
- 3Enter the loan term in months or years. Shorter terms mean higher monthly payments but less total interest.
- 4Click "Calculate Loan Payment" to see your results.
- 5Compare results across different lenders and terms. Look at total interest, not just monthly payment.
- 6Consider whether you can afford the monthly payment comfortably, accounting for other expenses and emergency savings.