About This Calculator
Use our free loan calculator to calculate your monthly loan payments, total interest paid, and total cost of any loan. Works for personal loans, auto loans, student loans, and more. Enter your loan amount, interest rate and term to get your full payment breakdown instantly.
All calculations are performed instantly in your browser — no sign-up, no ads blocking your results, completely free to use.
Frequently Asked Questions
How do I calculate monthly loan payments?+
Monthly payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P = principal, r = monthly interest rate, n = number of payments. Our calculator does this automatically.
What is the monthly payment on a $10,000 loan?+
A $10,000 loan at 6.5% interest over 5 years = approximately $195/month. Total paid = $11,699, so total interest = $1,699.
What is a good interest rate for a personal loan?+
A good personal loan rate in the US is typically 6%–12% for borrowers with good credit. Rates above 20% are considered high and should be avoided if possible.
How much interest will I pay on my loan?+
Enter your loan amount, interest rate and term into our loan calculator above. It will instantly show your monthly payment, total amount paid and total interest charged.
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