Loan Calculator
Calculate your loan payments instantly. Get detailed payment schedules, interest costs, and payoff dates for personal loans, car loans, and student loans.
Personal Loan Calculator
How to Use the Loan Calculator
Enter Your Loan Amount
Input the total amount you want to borrow (e.g., $10,000 for a car loan or personal loan).
Enter the Interest Rate
Input your annual interest rate. This is usually provided by your lender or bank. Rates vary based on credit score and loan type.
Set Your Loan Term
Enter the loan term in years. Common terms are 3-7 years for car loans, 5-10 years for personal loans, and 10-25 years for student loans.
Choose Payment Frequency
Select how often you want to make payments: weekly, bi-weekly, or monthly. This affects your payment amount.
Review Results
The calculator shows your payment amount, total interest paid, payoff date, and a breakdown of principal vs interest.
Frequently Asked Questions
What is an interest rate?
An interest rate is the percentage of the loan amount that the lender charges you to borrow money. For example, a 5% interest rate means you pay $5 per year for every $100 borrowed.
Can I pay off my loan early?
Yes! You can use the "Extra Payment" field to add additional payments per period. This accelerates your payoff date and reduces total interest paid. Some lenders may charge prepayment penalties, so check your loan agreement.
How is my monthly payment calculated?
The calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of payments.
What's the difference between a personal loan, car loan, and student loan?
Personal loans are unsecured and have higher interest rates. Car loans are secured by the vehicle and have lower rates. Student loans often have government backing and fixed rates. Use this calculator for all three types.