Loan Calculator
Calculate monthly payments and total cost for any type of loan — personal loans, student loans, business loans, and more.
How to Use This Loan Calculator
Our free loan calculator helps you understand the true cost of borrowing. Simply enter your loan amount, interest rate, and loan term to see your monthly payment and total interest.
Types of Loans You Can Calculate
- Personal loans — Unsecured loans from banks and online lenders
- Student loans — Federal and private student loans
- Business loans — Small business financing options
- Medical loans — Financing for medical procedures
Understanding Your Total Cost
When comparing loans, always look at the total cost of borrowing — not just the monthly payment. A lower monthly payment with a longer term often means paying significantly more interest overall.
Frequently Asked Questions
How does a loan calculator help me?
Our loan calculator helps you estimate monthly payments based on loan amount, interest rate, and term. It also shows total interest paid and the full amortization schedule so you can plan your finances better.
What is a good interest rate for a personal loan?
As of 2026, competitive personal loan rates range from 8% to 15% APR depending on your credit score. Those with excellent credit (740+) may qualify for rates as low as 6-8%, while borrowers with fair credit (640-699) typically see rates of 15-22%.
How is interest calculated on a loan?
Loan interest is calculated monthly based on the remaining principal balance. Early in the loan, more of your payment goes to interest. As you pay down the principal, the interest portion decreases and more goes to principal.
What is an amortization schedule?
An amortization schedule shows how each payment is split between principal and interest over the life of the loan. It also shows your remaining balance after each payment, helping you track how fast you're paying off debt.
Should I choose a shorter loan term?
Shorter loan terms mean higher monthly payments but significantly less total interest paid. For example, a 3-year loan at 10% APR costs much less in total interest than a 6-year loan at the same rate. Choose based on your budget comfort level.
What's the difference between secured and unsecured loans?
Secured loans require collateral (like a car or savings account) and typically offer lower rates. Unsecured loans don't require collateral but have higher rates and stricter credit requirements.