Loan Calculator

Any fixed-rate amortizing loan: personal loans, auto loans, student loans, small business loans, or mortgages. You enter the amount, annual interest rate, and term, and the calculator uses the standard amortization formula to give you the monthly payment, total interest, and total repayment. For a full PITI breakdown, use the dedicated mortgage calculator.

The interest rate is the annual cost of borrowing the principal alone. APR (Annual Percentage Rate) folds in fees (origination charges, points, and similar costs), then expresses everything as a single annual percentage. APR is the more complete number for comparing offers from different lenders, since two loans with the same rate can carry very different total costs.

This calculator covers the standard fixed-payment schedule, so it does not model extra payments. To estimate savings from extra principal payments, use a dedicated early-payoff calculator. As a rule of thumb, even a modest extra amount each month reduces the interest-bearing balance faster, which cuts total interest and shortens your payoff date.

It depends on your credit score, loan type, and the current market. Compare offers for the same product, term, collateral, and credit profile rather than one broad benchmark. Stronger credit can qualify you for lower lender pricing, but the actual rate also reflects the lender, fees, term, and the relevant market benchmark. Compare written disclosures from several lenders before accepting an offer.

Yes, for any standard fixed-rate amortizing loan. The calculator applies the textbook amortization formula and rounds results to the nearest cent. Your actual bank statement may differ by $1-2 because some lenders use a daily-balance accrual method. Variable-rate loans or loans with balloon payments require a different calculation and are not covered here.