Loan Calculator – Monthly Payment for Any Loan
Calculate monthly payment, total interest, and cost of any personal, auto, or student loan. Supports any loan amount, rate, and term.
💳 Finance📐 M = P[r(1+r)^n]/[(1+r)^n-1]
Loan amount ($)
Annual rate (%)
Term (years)
Please enter valid values.
Formula & Reference
| Variable | Formula | Units |
|---|---|---|
| Loan Calculator – Monthly Payment for Any Loan | M = P[r(1+r)^n]/[(1+r)^n-1] | $/month |
Step-by-Step Examples
Example 1
$25K Personal Loan, 8.5%, 5yr
$25,000 at 8.5%, 5 years.
- Monthly: $514 | Total: $30,839
- Interest: $5,839
✓ $514/month
Example 2
$15K Car Loan, 6%, 4yr
$15,000 at 6%, 4 years.
- Monthly: $352 | Total: $16,905 | Interest: $1,905
✓ $352/month
Example 3
$40K Student Loan, 5%, 10yr
$40,000 at 5%, 10 years.
- Monthly: $424 | Total: $50,912 | Interest: $10,912
✓ $424/month
Real-World Applications
Borrowers
See your exact monthly payment before signing.
Shoppers
Compare loan offers from different lenders.
Financial Planners
Model debt repayment scenarios.
Accountants
Verify loan amortization calculations.
Common Mistakes to Avoid
⚠️
Only comparing monthly payments
A lower monthly payment usually means more total interest. A 6yr vs 4yr car loan might save $100/month but cost $3,000 more total.
⚠️
Ignoring origination fees
Lenders often charge 1-5% origination fees. Add these to the loan cost when comparing. The APR includes fees; the rate does not.
Frequently Asked Questions
What is a good personal loan rate? ▾
Credit score 720+: 7-12%. Score 680-720: 12-20%. Score below 680: 20-36%+. Shop multiple lenders — rates vary widely.
Loan vs credit card? ▾
Credit card APRs are typically 20-30% — far higher than personal loans (7-20%). For large expenses, a personal loan almost always costs less.
How to lower your loan rate? ▾
Improve credit score before applying. Apply with a co-signer. Choose a shorter term. Shop at least 3 lenders. Consider a secured loan (lower rate, requires collateral).