Loan Calculator (Personal, Business, Auto)

Enter the amount, rate and term to see the monthly payment, the total interest and when you will be debt-free. Add the lender's fee to see the real APR, and an extra payment to see what it saves.

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How the payment is worked out

For a loan with equal monthly payments, M = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the amount, r the monthly rate (APR ÷ 12) and n the number of months. A $10,000 personal loan at 11.5% over 36 months costs $329.76 a month and $1,871 in interest.

The fee makes the real rate higher

Many personal and business loans charge an origination fee of 1% to 8%, taken out of the money you receive. You still repay the full amount, so the rate you actually pay is higher than the quoted one. Type the fee above and compare "Real APR including fees" with the quoted rate. Two offers with the same quoted rate can differ by a full percentage point once fees are in.

Shorter term, less interest

A longer term lowers the monthly payment but raises the total interest, because you borrow for longer. Try 36 and 60 months for the same amount and look at "Total interest". If the lower payment is what you need, the extra-payment field shows how much you save by paying a little more whenever you can; most personal loans in the US have no prepayment penalty, but check your agreement.

Personal, business and auto loans

  • Personal loans are unsecured, so rates depend on your credit score: often 7% to 36% in the US.
  • Business loans (term loans, SBA loans, equipment loans) usually run 6% to 15% with longer terms, and fees are common.
  • Auto loans are secured by the car, so rates are lower; new cars get better rates than used ones.
  • Student loans have long terms and sometimes variable rates; this tool assumes a fixed rate.

Comparing offers

To put two or three offers side by side, use the loan comparison calculator. For a home loan with taxes and insurance, use the mortgage calculator.

FAQ

What is the monthly payment on a $10,000 loan?
At 11.5% APR over 36 months it is $329.76, with $1,871 of interest in total. Over 60 months it is $219.93 a month but $3,196 in interest.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing; APR adds the lender's fees, so it is the better number for comparing offers. Enter the fee above to see the real APR.
Does paying extra reduce the interest?
Yes. Extra payments go straight to the balance, so less interest accrues and the loan ends sooner. The result shows both savings.
Is my information stored?
No. Everything is calculated in your browser and nothing is sent to a server.

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