Use our free loan calculator to find your exact monthly payment, total interest paid, and true cost of any personal or auto loan. Enter your loan amount, interest rate, and term — results update instantly. Download an amortization schedule or export to PDF at no charge.
How is my monthly loan payment calculated?
Your monthly payment uses the standard amortization formula: P × r(1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments.
What is a good interest rate for a personal loan?
Excellent credit (720+) typically qualifies for 6–12% APR. Average credit (640–720) usually sees 13–20%. Rates above 20% are considered high — improving your credit score first can save you thousands of dollars over the life of the loan.
How can I pay off my loan faster?
Make extra payments toward your principal, switch to bi-weekly payments instead of monthly (which results in one extra full payment per year), or refinance at a lower interest rate. Even $50 extra per month can shave several months off a typical 4-year loan.
Does paying off a loan early save money?
Yes. Every extra payment reduces your principal balance, which reduces the interest charged in future months. Check your loan agreement for prepayment penalties — most modern personal and auto loans do not have them.