Loan Calculator
Calculate your monthly payment and total cost for any personal or business loan.
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.