Loan Calculator
Calculate monthly payments, total interest, and amortization schedule
Loan Details
Calculate Your Loan
Enter loan details to see monthly payments
How to Calculate Loan Payments
- 1Enter the loan amount you need
- 2Set the loan term (number of months or years)
- 3Input the annual interest rate
- 4View your monthly payment instantly
- 5See total interest and full payment breakdown
Loan Calculator Features
Frequently Asked Questions
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus other costs like fees and closing costs. APR gives you the true cost of the loan.
Should I choose a shorter or longer loan term?
Shorter terms mean higher monthly payments but less total interest paid. Longer terms have lower monthly payments but you pay more interest overall. Choose based on your monthly budget and how quickly you want to be debt-free.
How can I pay off my loan faster?
Make extra payments toward the principal, make payments more frequently (biweekly instead of monthly), or make one extra payment per year. Even small additional payments can significantly reduce interest and loan term.