Loan Calculator
Calculate your monthly payment, total interest, and full amortization schedule for any loan — personal, auto, student, or home equity.
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Please enter a valid interest rate (0–100).
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Total Interest
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Total Cost
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Compare Loan Terms (same rate & amount)
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|
How to Calculate a Loan Payment
The standard amortization formula for a fixed-rate loan payment is:
M = P × [ r(1+r)^n ] / [ (1+r)^n − 1 ]
Where M = monthly payment, P = loan principal, r = monthly interest rate (annual rate ÷ 12), and n = total number of monthly payments (term in years × 12). For a $10,000 loan at 8% APR over 36 months: r = 0.08/12 = 0.00667, n = 36, giving M = $313.36/month.
Average Personal Loan Interest Rates in 2026
| Credit Score | Score Range | Average APR |
|---|---|---|
| Excellent | 750+ | 10.3% – 12.5% |
| Good | 700 – 749 | 13.5% – 15.5% |
| Fair | 650 – 699 | 17.8% – 19.9% |
| Poor | 600 – 649 | 24.0% – 28.5% |
| Very Poor | Below 600 | 28.5% – 32%+ |
Average Auto Loan Rates in 2026
| Loan Type | 36 mo | 48 mo | 60 mo | 72 mo |
|---|---|---|---|---|
| New Car | 5.1% | 5.4% | 6.0% | 6.6% |
| Used Car | 7.3% | 8.0% | 8.7% | 9.6% |
How Loan Term Affects Your Monthly Payment
A $20,000 loan at 8% APR — here's how the term changes what you pay:
| Term | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 12 months | $1,738 | $855 | $20,855 |
| 24 months | $904 | $1,695 | $21,695 |
| 36 months | $627 | $2,556 | $22,556 |
| 48 months | $488 | $3,441 | $23,441 |
| 60 months | $406 | $4,332 | $24,332 |
| 84 months | $311 | $6,119 | $26,119 |
Shorter terms mean higher monthly payments but dramatically less total interest. The 12-month option costs 86% less in interest than the 84-month option. Compare this to our Mortgage Calculator for real estate loan scenarios.
Tips to Get a Lower Loan Rate
- Improve your credit score — even a 20-point increase can drop your rate by 1–3%.
- Add a creditworthy co-signer — lenders offer better rates when risk is shared.
- Choose a shorter term — lenders view shorter loans as lower risk and often offer lower rates.
- Shop multiple lenders — rates can vary by 5%+ for the same borrower. Compare banks, credit unions, and online lenders.
- Opt into autopay — many lenders offer 0.25%–0.5% rate discounts for automatic payments.
Frequently Asked Questions
Monthly payment uses the formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is the monthly interest rate, and n is the total number of payments. For example, a $10,000 loan at 8% APR for 36 months yields a monthly payment of $313.36.
In 2026, borrowers with excellent credit (750+) typically qualify for 10.3%–12.5% APR. Good credit (700–749) gets 13.5%–15.5%. Fair credit (650–699) sees 17.8%–19.9%, and poor credit may face 28.5%–32% APR or higher.
A longer term lowers your monthly payment but increases total interest significantly. A $20,000 loan at 8% costs $855 interest over 12 months but $6,119 over 84 months. Always compare total cost, not just monthly payment.
An amortization schedule shows every payment broken down into principal and interest. Early payments are mostly interest; later payments are mostly principal. This calculator generates a full month-by-month schedule for your loan.
Yes. Paying off a loan early eliminates all future interest. Most personal loans have no prepayment penalty. Even one extra payment per year on a 60-month loan can save hundreds of dollars in interest.
Free Online Calculators
Average Loan Rates 2026
| Loan Type | Avg Rate |
|---|---|
| Personal Loan | 12.4% APR |
| Auto (New) | 5.8% APR |
| Auto (Used) | 8.5% APR |
| Student (Fed) | 6.5% APR |
| Home Equity | 8.2% APR |
Loan Quick Tips
- Your credit score is the single biggest factor in your rate.
- Credit unions often offer 1–3% lower rates than big banks.
- Pre-qualify with multiple lenders — it won't hurt your credit.
- Total cost matters more than monthly payment.
- Autopay discounts (0.25–0.5%) add up over a long term.
