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
How do I calculate my monthly loan payment?
Your monthly loan payment uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount (principal), r is the monthly interest rate (APR ÷ 12), and n is the total number of monthly payments. For example, a $25,000 personal loan at 8% for 5 years yields a monthly payment of about $507. Use CalcDeck's free loan calculator above to get instant results for any loan scenario.
What's the difference between APR and interest rate on a loan?
The interest rate is the percentage you pay to borrow the principal. APR (Annual Percentage Rate) includes the interest rate plus all fees — origination fees, closing costs, and other charges — giving you the true total cost of the loan. Always compare APRs when shopping for loans. A loan with a 7% interest rate and heavy fees can cost more than one with an 8% rate and no fees. CalcDeck's loan calculator uses the interest rate for payment calculations; factor in fees separately to get your true APR.
How much can I save by making extra loan payments?
Making extra payments directly reduces your principal, which lowers the interest you pay over the life of the loan. An extra $100/month on a $25,000 loan at 8% for 5 years saves roughly $500 in interest and pays off the loan ~10 months early. The earlier you make extra payments, the more you save. CalcDeck's loan calculator includes an 'extra payment' slider to show exactly how much interest you'll save and how much sooner you'll be debt-free.
What's a good interest rate for a personal loan?
Personal loan rates typically range from 6% to 36% depending on your credit score, income, debt-to-income ratio, and the lender. Borrowers with excellent credit (720+) can expect rates from 6-12%, while fair credit (640-679) may see 15-20%. Personal loans are usually cheaper than credit cards (20-29% APR) but more expensive than secured loans like mortgages or auto loans. Compare rates from at least three lenders before committing.
Should I use a personal loan to consolidate credit card debt?
A personal loan for debt consolidation can save significant money if you qualify for a lower rate than your credit cards and you stop using those cards. For instance, consolidating $15,000 of credit card debt at 24% into a personal loan at 10% saves roughly $6,000 in interest over 3 years. The key: the consolidation only works if you change the spending habits that created the debt. Use CalcDeck's loan calculator to compare your consolidated payment vs. current payments.