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Loan Calculator
Free online loan calculator. Calculate monthly payments, total interest, and total cost for any loan.
Monthly Payment
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Calculate your monthly loan payment and total interest before you sign anything. Works for car loans, mortgages, personal loans, and any fixed-rate loan.
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FREQUENTLY ASKED QUESTIONS
How is a monthly loan payment calculated?
Monthly payment = P × (r(1+r)^n) / ((1+r)^n - 1), where P is principal, r is monthly interest rate, and n is number of payments.
What is a good interest rate for a personal loan?
A good personal loan rate is below 10% APR. Rates above 20% are considered high. Your credit score significantly affects the rate you receive.
How much can I borrow?
Most lenders recommend your monthly debt payments don't exceed 36% of your gross monthly income. Use our calculator to test different loan amounts.
What is the difference between APR and interest rate?
The interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes interest plus fees — it gives a more complete picture of the loan cost.