Loan Calculator

Loan Calculation Result:

Monthly Payment: $0.00

Total Principal Paid: $0.00

Total Interest Paid: $0.00

Total Cost of Loan: $0.00

About Loan Calculator

Our free loan calculator helps you determine monthly payments, total interest, and total cost for any type of loan. Whether you're considering a personal loan, auto loan, or any installment-based financing, this tool provides accurate calculations to help you make informed financial decisions.

The calculator uses standard loan amortization formulas to show you exactly how much you'll pay each month and over the life of the loan, helping you budget effectively and compare different loan options.

How to Use the Loan Calculator

1. Enter Loan Amount: Input the total amount you want to borrow
2. Set Interest Rate: Enter the annual interest rate (APR) offered by the lender
3. Choose Loan Term: Select the loan duration in months
4. Calculate: Click calculate to see your monthly payment and total costs
5. Review Results: Analyze the monthly payment, total interest, and total amount paid
6. Compare Options: Try different amounts, rates, and terms to find the best option

Loan Planning Tips

• Shop Around: Compare rates from multiple lenders to get the best deal
• Check Your Credit: Higher credit scores typically qualify for lower interest rates
• Consider Loan Term: Shorter terms mean higher payments but less total interest
• Budget Carefully: Ensure monthly payments fit comfortably in your budget
• Read the Fine Print: Watch for origination fees, prepayment penalties, and other costs
• Make Extra Payments: Additional principal payments can significantly reduce total interest
• Avoid Borrowing More: Only borrow what you actually need to minimize costs

Important Loan Considerations

APR vs Interest Rate: APR includes fees and gives you the true cost of borrowing, while interest rate is just the base rate.

Fixed vs Variable Rates: Fixed rates stay the same throughout the loan, while variable rates can change over time.

Debt-to-Income Ratio: Lenders typically prefer your total monthly debt payments to be less than 36% of your income.