Determine your monthly loan payment, total interest, and payoff date for any type of loan.
Enter the amount you want to borrow, the annual interest rate (APR) and the repayment term in years or months. The monthly payment, total repaid and total interest update as you type.
A 0% rate is supported — the payment is simply the loan amount divided by the number of months.
M = P × r / (1 − (1 + r)^−n)P = loan amount, r = annual rate ÷ 12, n = number of monthly payments. Totals are calculated payment-by-payment, rounded to the cent, with the final payment adjusted so the balance ends at exactly $0.
A fixed-rate installment loan uses the amortization formula M = P × r / (1 − (1 + r)^−n), where P is the amount borrowed, r is the monthly interest rate (APR ÷ 12) and n is the number of payments. Each payment covers that month’s interest first, and the rest reduces the balance.
Lenders price loans mainly on your credit score, debt-to-income ratio, the loan term, the amount borrowed, whether the loan is secured, and current market rates.
A longer term lowers the monthly payment but increases the total interest you pay, because the balance is outstanding for longer. Compare the “Total interest” figure for different terms to see the trade-off.
Most consumer loans allow early repayment. Check your agreement for prepayment penalties before making extra payments.
Personal loans come in two main varieties: secured (backed by collateral like a car or savings account) and unsecured (based on creditworthiness alone). Secured loans typically offer lower rates because the lender has less risk. Unsecured personal loans average 6–36% APR depending on credit score and lender.
Always compare the Annual Percentage Rate (APR), not just the interest rate, as APR includes fees and origination charges. Check for prepayment penalties, late payment fees, and whether the rate is fixed or variable. Use this calculator to compare total costs across different rate and term combinations.
Did you know?
The global consumer lending market exceeds $8 trillion annually. In the US alone, total consumer debt (excluding mortgages) surpassed $4.8 trillion in 2024, with auto loans and student loans being the two largest categories.
Lending money at interest has been practiced since ancient Mesopotamia around 3000 BCE. The Code of Hammurabi (1754 BCE) included laws regulating interest rates, capping grain loans at 33.3% and silver loans at 20%. Modern consumer lending emerged in the early 20th century with the rise of installment plans and credit unions.
The concept of compound interest was described by mathematicians in the 17th century and Albert Einstein allegedly called it "the eighth wonder of the world."
Credit scores were invented in 1956 by engineer Bill Fair and mathematician Earl Isaac, founding the Fair Isaac Corporation (FICO).
The average American has approximately $21,800 in personal loan debt as of 2024.
Peer-to-peer lending platforms like LendingClub have originated over $60 billion in personal loans since 2007.