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Free loan calculator — payments, payoff & more

Personal loans, mortgages, auto loans, debt payoff, and extra payment savings — all your loan math in one place.

Personal Loan Calculator

Estimate payments for debt consolidation, home improvement, medical bills, and more.

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Mortgage Calculator

Calculate your monthly mortgage payment including principal and interest.

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Auto Loan Calculator

Find out your monthly car payment and total cost of financing.

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Quick Tips

  • A higher credit score typically qualifies you for a lower interest rate.
  • Shorter loan terms mean higher payments but less total interest paid.
  • For mortgages, 20% down avoids private mortgage insurance (PMI).
  • Extra monthly payments can shave years off a loan and save thousands.

Understanding APR

APR (Annual Percentage Rate) includes the interest rate plus any lender fees. It's the true cost of borrowing and what you should compare between loan offers.

Your APR depends on your credit score, income, debt-to-income ratio, and the lender's own criteria.

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Frequently Asked Questions

How is my monthly payment calculated?

Your payment uses the standard amortization formula, which factors in your loan amount, annual interest rate, and term. Each payment covers accrued interest first, with the remainder reducing your principal balance.

What's the difference between interest rate and APR?

The interest rate is the base cost of borrowing. APR includes the interest rate plus lender fees and other costs, giving you the true annual cost of the loan. Always compare APRs when shopping for loans.

How does a larger down payment help?

A larger down payment reduces your loan amount, which lowers your monthly payment and total interest paid. For mortgages, putting down 20% or more also eliminates the need for private mortgage insurance (PMI).

Should I choose a shorter or longer loan term?

A shorter term means higher monthly payments but significantly less total interest. A longer term lowers your monthly payment but costs more over time. The best choice depends on your monthly budget and financial goals.

Is this calculator accurate?

Yes, for principal and interest calculations. It does not include property taxes, insurance, HOA fees, or other costs that may be part of your actual mortgage payment. Use it as a planning guide and confirm with your lender.

What is an amortization schedule?

An amortization schedule shows every monthly payment broken down into principal and interest. Early payments are mostly interest; later payments shift more toward principal. It helps you see exactly how your loan balance decreases over time.

Loan Guides & Tips

Simple answers to common loan questions — so you can borrow smarter.

Personal Loans

What is a good interest rate for a personal loan?

Interest rates vary widely. Here's what to expect based on your credit score and how to know if you're getting a fair deal.

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Auto Loans

How much car can I afford?

A simple rule of thumb for keeping your car payment from wrecking your budget — and what to watch out for at the dealership.

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Mortgage

What happens if I pay extra on my mortgage?

Even small extra payments can save tens of thousands of dollars. Here's exactly how it works and what to do first.

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Debt Payoff

Avalanche vs snowball method — which is better?

Both strategies work. The best one depends on your personality and your debt mix. Here's how to choose.

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Basics

What is APR and why does it matter?

APR is the number lenders don't always highlight — but it's the one that tells you the true cost of borrowing. Here's what it means.

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