Loan Calculator
Calculate your monthly payment and total cost for any personal or business loan.
Compare Personal Loan Rates
Check your rate from multiple lenders in minutes. No impact on your credit score.
Get Pre-qualified NowWe may earn a referral fee if you apply for a loan. This does not affect our calculator results.
How to Use This Loan Calculator
Enter your loan amount, interest rate, and repayment term to see your monthly payment and total cost. Works for personal loans, business loans, and student loans.
Loan Payment Formula
Monthly payment = P × [r(1+r)^n] / [(1+r)^n - 1]
Where P = principal, r = monthly rate, n = number of months.
Tips for Getting the Best Loan Rate
- Check your credit score — scores above 740 get the best rates.
- Compare at least 3 lenders — rates can vary by 2-5%.
- Choose shorter terms — less interest over the life of the loan.
- Consider secured loans — collateral can lower your rate.
- Watch for fees — origination fees (1-8%) add to your real cost.
Frequently Asked Questions
What is a good interest rate for a personal loan?
As of 2026, excellent credit (740+) borrowers can expect rates of 6-10%. Good credit (670-739) borrowers typically see 10-15%. Rates above 20% are considered high.
How much will I pay in total?
Your total repayment equals the loan amount plus all interest. For example, a $25,000 loan at 8.5% for 3 years costs about $3,440 in interest — you repay $28,440 total.
Should I choose a longer or shorter loan term?
Shorter terms have higher monthly payments but much less total interest. Use this calculator to compare different term lengths and find the right balance for your budget.
Disclaimer
This calculator is for educational and estimation purposes only. It does not constitute financial, tax, or investment advice. Results are estimates based on the inputs you provide and may not reflect your actual situation. Consult a qualified financial advisor, tax professional, or lender before making important financial decisions.