Finance

Loan Calculator

Calculate monthly payments, total interest, and full cost for any type of loan.

Loan Amount ($)

Interest Rate (%/yr)

Loan Term (years)

Formula:
M = P × [r(1+r)^n] / [(1+r)^n − 1]
Where P = principal, r = monthly rate, n = total months

Types of Loans

Personal Loans: 6%-36% APR, 1-7 year terms, unsecured
Auto Loans: 4%-15% APR, 2-7 year terms, secured by vehicle
Student Loans: 4%-8% (federal), 3%-15% (private)
Home Equity: 7%-12% APR, secured by home

How to Get a Lower Rate

Improve credit score (750+ gets best rates), shop multiple lenders, consider secured loans, choose shorter terms, and make a larger down payment when applicable.