Loan Calculators
Calculate and compare loan options with our free online loan calculators. From personal loans and auto financing to student debt repayment strategies, our tools help you understand the true cost of borrowing and find the most affordable repayment plan for your financial situation.
Loan Calculator
Calculate monthly loan payments, total interest, and payoff timeline for any loan type.
Amortization Calculator
Generate a complete amortization schedule showing payment breakdown over the life of your loan.
Auto Loan Calculator
Calculate your monthly car payment, total interest, and compare auto loan terms.
Personal Loan Calculator
Estimate monthly payments and total cost for personal loans at various interest rates.
Business Loan Calculator
Calculate monthly payments and total cost for business loans to plan your financing.
Boat Loan Calculator
Estimate monthly payments and interest costs for financing a boat purchase.
Auto Lease Calculator
Calculate your monthly auto lease payment including taxes, fees, and residual value.
Lease Calculator
Compute lease payments for vehicles or equipment based on price, residual value, and term.
Payment Calculator
Calculate monthly payments for any loan amount, interest rate, and repayment period.
Repayment Calculator
Plan your debt repayment strategy and see how extra payments reduce your payoff time.
APR Calculator
Calculate the annual percentage rate including fees to compare the true cost of loans.
Cash Back or Low Interest Calculator
Compare cash back rebates versus low interest rate financing to find the better deal.
How to Choose the Right Loan Calculator
The right loan calculator depends on the type of financing you need. Our general loan calculator works for virtually any installment loan, including personal loans, auto loans, and home equity loans. Simply enter the loan amount, interest rate, and term to see your monthly payment and total cost.
When comparing loan offers, pay close attention to the annual percentage rate (APR) rather than just the interest rate. The APR includes fees and other costs, giving you a more accurate picture of the total borrowing cost. A loan with a lower interest rate but higher fees could actually cost more than one with a slightly higher rate and no fees.
Consider how the loan term affects your finances. Shorter terms mean higher monthly payments but less total interest, while longer terms offer lower payments at a higher overall cost. Use our calculators to find the balance that fits your budget without overpaying in interest.
Understanding Loans and Borrowing
Understanding how loans work is fundamental to making sound financial decisions. A loan is an agreement where a lender provides money upfront and the borrower repays it over time with interest. The three key components that determine your loan cost are the principal amount, the interest rate, and the repayment term.
Most consumer loans use simple amortization, where each fixed monthly payment covers both interest and principal. Early in the loan, a larger share of each payment goes toward interest. As the principal balance decreases, more of each payment is applied to the principal, gradually accelerating the payoff.
Interest rates can be fixed or variable. Fixed rates remain constant throughout the loan term, providing payment certainty. Variable rates fluctuate with market conditions, which can result in lower initial payments but carry the risk of increases over time. For most borrowers, fixed-rate loans offer the stability needed for effective budgeting.
Your credit score is one of the most significant factors in determining the interest rate you receive. Borrowers with excellent credit (750+) typically qualify for the lowest rates, while those with lower scores may pay significantly more over the life of the loan. Improving your credit score before applying can save you thousands of dollars in interest charges.
Frequently Asked Questions
How is my monthly loan payment calculated?
Monthly loan payments for fixed-rate loans are calculated using the amortization formula, which factors in the principal amount, monthly interest rate, and total number of payments. For example, a $20,000 loan at 7% APR for 5 years results in a monthly payment of approximately $396. Our loan calculator handles this math instantly for any loan scenario.
What is the difference between APR and interest rate?
The interest rate is the base cost of borrowing money, while the APR (Annual Percentage Rate) includes the interest rate plus any additional fees, such as origination fees or closing costs. The APR gives you a more complete picture of the total borrowing cost. Always compare APRs when evaluating loan offers from different lenders.
Should I choose a shorter or longer loan term?
A shorter loan term means higher monthly payments but significantly less total interest paid. For instance, a $15,000 loan at 6% costs about $290 per month over 5 years with $2,400 in total interest, versus $173 per month over 10 years with $5,760 in total interest. Choose the shortest term you can comfortably afford to minimize borrowing costs.
How does making extra payments affect my loan?
Extra payments go directly toward your principal balance, reducing both the total interest you pay and the time it takes to pay off the loan. Even small additional payments can make a significant difference. Adding just $50 per month to a $20,000 loan at 7% for 5 years can save you over $400 in interest and pay off the loan several months early.