Calculate your monthly loan payment and total interest. Instant results for any loan amount, rate and term.
Calculate your monthly payment and total interest
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A loan calculator helps you understand exactly what you'll pay each month and how much interest you'll pay over the life of a loan. Whether it's a personal loan, student loan or business loan, understanding these numbers puts you in control of your financial future.
Always compare loans by their APR (Annual Percentage Rate), not just the interest rate. A longer loan term lowers monthly payments but increases total interest paid significantly. Aim to pay more than the minimum each month to reduce your interest burden.
Getting a good interest rate on a personal loan can save you thousands of dollars over the life of the loan. Lenders set your rate based mainly on your credit score, debt-to-income ratio, and loan term — and small differences add up fast.
A borrower with a 750+ credit score might qualify for rates under 8%, while someone with a 600 score could pay 20% or more for the exact same loan amount. That's the difference between a $300 and a $500 monthly payment on a $20,000 loan.
Before you apply, do these three things: check your credit report for errors, pay down existing credit card balances to lower your utilization ratio, and avoid opening new credit accounts in the 3 months before applying. Each of these can bump your score by 20-50 points, often enough to move into a better rate tier.
Always compare at least three lenders — banks, credit unions, and online lenders all price risk differently. Use this calculator to test different rates and terms before signing anything, so you know exactly what a "good deal" looks like for your situation.