Loan Calculator
Free loan calculator for personal, student, and business loans. Compare terms, rates, and monthly payments side by side. No lender bias.
Monthly Payment
$0
Total Interest
$0
Total Paid
$0
Interest-to-Principal
0%
$
$1K$500K
%
0.5%30%
Payment Breakdown
Formula Used
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]
Total Interest = (Monthly Payment × n) - P
Where:
P = Loan principal
r = Monthly interest rate (APR / 12)
n = Number of monthly payments
How This Loan Calculator Works
This calculator uses the standard amortization formula to give you honest, accurate results for any personal, student, or business loan.
Understanding Your Interest Ratio
The interest-to-principal ratio shows what portion of your total payment goes to the lender as profit. A lower ratio means a better deal.
- Under 20%: Great rate and term combination
- 20-50%: Typical for personal loans
- Over 50%: Consider a shorter term or lower rate
APR vs Interest Rate
The interest rate is the cost of borrowing the principal. APR includes fees (origination, closing costs), giving you the true total cost. Always compare APRs, not just rates.
Frequently Asked Questions
What is APR vs interest rate?
Interest rate is the cost of borrowing the principal. APR includes the interest rate plus fees (origination, closing costs), giving you the true total cost of the loan. Always compare APRs, not just rates.
Is a personal loan better than credit card debt?
Usually yes. Personal loans average 8-15% APR vs credit cards at 20-29%. A personal loan can consolidate high-rate card debt into one lower payment with a fixed payoff date.