Free Loan Payment Calculator
Calculate monthly payments, total interest and full amortization schedule for any loan
Loan Details
Loan Summary
Amortization Schedule
📖 Related Guide
How to Calculate Your Loan Payment: Complete Guide (2026)You Might Also Like
How to Use the Loan Calculator
Start by entering your values using the sliders above. Each input updates the results instantly in real time. Adjust different scenarios to compare outcomes — for example, see how a higher contribution or a different rate changes your results. All calculations happen in your browser so your data stays completely private. You can download the results as a PDF for your records or to share with a financial advisor.
Why This Calculator Matters
Making informed loan decisions can save you thousands of dollars over time. Many people rely on rough estimates or rules of thumb that do not account for their specific situation. This calculator uses precise mathematical formulas to give you personalized results based on your actual numbers. Whether you are planning ahead, comparing options, or checking a professional recommendation, having accurate calculations helps you make confident financial decisions. Use this tool alongside our related calculators for a complete picture of your finances.
Frequently Asked Questions
How is a loan payment calculated?
Monthly loan payment is calculated using the formula M = P[r(1+r)^n]/[(1+r)^n-1] where P is the loan amount, r is monthly interest rate and n is total number of payments.
What is the difference between interest rate and APR?
Interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes interest plus all fees and is the true cost of the loan. Always compare APR when shopping for loans.
How can I pay off my loan faster?
Make extra payments toward the principal, make biweekly payments instead of monthly, refinance to a lower rate or shorter term, or pay a lump sum when possible.
What is a good interest rate for a personal loan?
A good personal loan rate is 6-13% APR for borrowers with good credit (700+); the Bankrate Monitor average for a 700 FICO score is 12.53% (September 2026). Average rates run 11-24% depending on credit tier. Rates above 24% are considered high and should be avoided if possible.
How does loan term affect monthly payment?
A longer loan term means lower monthly payments but more total interest paid. A shorter term means higher payments but less total interest. Choose the shortest term you can comfortably afford.
Loan payment examples: what a 5-year loan really costs
The table shows the monthly payment on a five-year (60 month) loan at common rates, plus the total interest at 10%. The formula behind every cell is the standard amortizing payment: M = P x r(1+r)^n / ((1+r)^n - 1), where r is the monthly rate (annual rate / 12) and n is the number of payments.
| Loan amount | 6% | 8% | 10% | 12% | 15% | Total interest at 10% |
|---|---|---|---|---|---|---|
| $5,000 | $96.66 | $101.38 | $106.24 | $111.22 | $118.95 | $1,374 |
| $10,000 | $193.33 | $202.76 | $212.47 | $222.44 | $237.90 | $2,748 |
| $15,000 | $289.99 | $304.15 | $318.71 | $333.67 | $356.85 | $4,122 |
| $20,000 | $386.66 | $405.53 | $424.94 | $444.89 | $475.80 | $5,496 |
| $25,000 | $483.32 | $506.91 | $531.18 | $556.11 | $594.75 | $6,871 |
| $30,000 | $579.98 | $608.29 | $637.41 | $667.33 | $713.70 | $8,245 |
| $50,000 | $966.64 | $1,013.82 | $1,062.35 | $1,112.22 | $1,189.50 | $13,741 |
Monthly payments, 60 month term, no fees. Interest in the last column is for the full five years at 10%.
Worked example: $10,000 at 8% for 3 years
Monthly rate r = 0.08 / 12 = 0.006667. Number of payments n = 36. (1 + r)^36 = 1.2702. Payment = 10,000 x 0.006667 x 1.2702 / 0.2702 = $313.36 a month. Over 36 months you pay $11,281.09, so the loan costs $1,281.09 in interest. Stretch the same loan to 5 years and the payment drops to $202.76, but interest rises to $2,165.84. At 7 years it is $155.86 a month and $3,092.42 in interest, almost two and a half times the 3 year cost for a payment that is only $157 lower.
How the term changes the cost of a $10,000 loan at 8%
| Term | Monthly payment | Total interest |
|---|---|---|
| 1 year | $869.88 | $438.61 |
| 2 years | $452.27 | $854.55 |
| 3 years | $313.36 | $1,281.09 |
| 4 years | $244.13 | $1,718.20 |
| 5 years | $202.76 | $2,165.84 |
| 7 years | $155.86 | $3,092.42 |
Three mistakes that make a loan cost more than the quote
Comparing the interest rate instead of the APR. Origination fees of 1% to 8% are common on personal loans and are not in the rate. A 9% loan with a 5% fee costs more than an 11% loan with none on a 2 year term. Taking the longest term offered because the payment looks small: the table above shows why. Paying the minimum when the loan has no prepayment penalty: every extra dollar goes to principal and shortens the schedule, so a $50 a month extra payment on the 5 year, $10,000 example ends the loan 13 months early.
What counts as a good rate in 2026
For an unsecured personal loan, borrowers with a FICO score above 740 were being offered roughly 7% to 12% in autumn 2026, 670 to 739 about 12% to 18%, and below 670 often 20% to 36%. Secured loans (a car or a savings account as collateral) run several points lower. Use the sliders above with the rate you have actually been quoted, not the advertised "from" rate, which only the best credit profiles receive.