Loan Calculator: Find Your Monthly Payment in Seconds

How to Use This Loan Calculator

Our free loan calculator helps you figure out exactly what a loan will cost before you sign anything. Enter your loan amount, interest rate, and repayment period to see your monthly payment, total interest charges, and a full amortization schedule.

You can adjust the payback type between annuity (fixed monthly payments) and straight amortization (decreasing payments). The calculator also lets you factor in monthly fees and origination costs so you get the full picture.

Whether you're shopping for a personal loan, a car loan, or a mortgage, this tool gives you a clear breakdown of what you'll actually pay over the life of the loan. Use it as a simple loan calculator for quick estimates, or as a detailed personal loan calculator with fees and amortization included.

What Affects Your Loan Payment?

Four main factors determine what your monthly loan payment will look like:

Your credit score has a major impact on the rate you'll qualify for. Borrowers with excellent credit (740+) typically get rates several percentage points lower than those with fair or poor credit.

Loan Payment Calculator Example

Here's a quick example to show how the numbers work. Say you borrow $10,000 at 8% interest for 3 years with annuity (fixed) payments:

Now change just the term to 5 years, keeping everything else the same:

The monthly payment drops by $110, but you pay nearly $900 more in interest over the life of the loan. This is the core tradeoff every borrower needs to understand, and our loan payment calculator lets you test these scenarios instantly.

Annuity vs. Straight Amortization

Our calculator offers two payback types, and the difference matters:

Annuity (fixed payments): You pay the same amount every month. Early payments are mostly interest, and later payments are mostly principal. This is the standard for most personal loans and mortgages in the U.S.

Straight amortization (decreasing payments): You pay the same amount of principal each month, plus interest on the remaining balance. Your first payment is the highest, and payments gradually shrink over time. You'll pay less total interest this way, but your early payments will be larger.

For most borrowers, annuity payments are easier to budget around since the amount stays constant. But if you can handle higher initial payments, straight amortization saves money on interest.

Average Loan Interest Rates in 2026

Interest rates vary widely by loan type and your credit profile. Here's what borrowers are seeing right now:

Credit unions tend to offer lower rates than online lenders and banks. The average credit union personal loan rate is 10.72% compared to 12.06% at commercial banks.

Plug your specific rate into the calculator above to see exactly what your payments would be.

How to Lower Your Loan Costs

A few moves can save you hundreds or even thousands on a loan:

Use the loan payoff calculator above to compare different scenarios side by side.

Types of Loans You Can Calculate

This loan calculator works for any fixed-rate loan with regular payments. Here are the most common types:

Personal loans are unsecured loans you can use for almost anything, from debt consolidation to home improvements. Typical amounts range from $1,000 to $50,000 with terms of 2 to 7 years.

Auto loans are secured by the vehicle you're buying. Terms usually run 36 to 72 months. Longer terms are available but come with higher rates and the risk of going underwater on the loan.

Mortgages are the largest loans most people will ever take. Terms are typically 15 or 30 years. Even small rate differences matter enormously here because of the large principal and long timeframe.

Student loans cover education costs. Federal student loans have fixed rates, while private student loans may have variable rates.

Small business loans fund business operations, equipment, or expansion. Terms and rates vary widely by lender and loan type.

Understanding Your Amortization Schedule

The breakdown tab in our calculator shows your full amortization schedule, which is a payment-by-payment table of how your loan balance decreases over time.

Each row shows the date, how much of your payment goes to principal (amortization), how much goes to interest and fees, the total payment, and the remaining debt.

With annuity loans, you'll notice that early payments are interest-heavy. On a $10,000 personal loan at 12% over 3 years, your first payment might put only $233 toward principal while $100 goes to interest. By the final payment, almost the entire amount goes to principal.

This is useful for planning because it shows you exactly when you'll hit certain milestones, like owing less than half the original amount, or when a lump-sum extra payment would save you the most interest.