Instantly calculate your monthly loan payment, total interest cost and full amortization schedule for any personal, student or business loan. Enter your numbers and get accurate results in seconds.
Before you sign any loan agreement, knowing your exact monthly payment and total cost is essential. A small difference in interest rate or loan term can mean thousands of dollars over the life of a loan. Our calculator gives you clear numbers so you can compare offers and choose the best option for your budget.
Our calculator uses the standard amortization formula to compute your exact monthly payment:
The calculator then builds a full amortization schedule showing exactly how much of each payment goes toward principal vs interest every single month.
Calculate home loan payments for 10 to 30 year terms and see total interest over the life of the mortgage.
Plan your car purchase with terms from 2 to 7 years. Compare payments for new and used vehicles.
Calculate payments for debt consolidation, home improvements or any major purchase with flexible terms.
Estimate monthly repayments for education loans and understand the long-term cost of student debt.
Principal vs Interest: The principal is the original amount borrowed. Interest is the cost of borrowing. Early payments are mostly interest — later payments chip away at the principal.
APR vs Interest Rate: Your interest rate is the basic cost of borrowing. APR (Annual Percentage Rate) includes fees and gives a more accurate picture of the true total cost.
Amortization Schedule: A month-by-month table showing exactly how each payment is split between principal and interest and what your remaining balance is.
Even one extra payment per year can cut years off a long-term loan and save thousands in total interest.
Shorter loan terms usually have lower interest rates and dramatically reduce total interest costs.
A higher credit score qualifies you for lower rates. Even 1% less can save hundreds over the loan term.
If rates fall after you take a loan, refinancing to a lower rate can significantly reduce your payments.
Enter your loan details to calculate your monthly payment
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In early months most of your payment goes toward interest — this is normal amortization.
Read our complete Loan Payment Guide — formulas, real examples, tips to pay off faster and save on interest.
Read the Full Loan Guide →Monthly payments use the amortization formula M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount, r is the monthly rate and n is total payments. This spreads your debt evenly so the balance reaches zero at the end of the term.
Extra payments go directly toward your principal balance. This reduces the total interest you pay and shortens your loan term. Even an extra $50 per month can save hundreds in interest on a typical personal loan.
A good personal loan rate is typically between 6% and 12% for borrowers with good credit (700+). Rates above 20% are considered high. Always compare at least 3 lenders before accepting any offer.
No. A longer term lowers your monthly payment but you pay significantly more total interest. Always choose the shortest term you can comfortably afford — it will save you the most money long-term.
The interest rate is the basic cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus any fees, giving you the true total cost of the loan. Always compare APR — not just the interest rate — when shopping for loans.
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