Loan Calculator - Calculate Monthly Payments
Calculate monthly loan payments for auto, personal, and student loans. Get payment amounts, total interest, and amortization details.
Loan Payment Calculator
Enter loan details to calculate monthly payments and total costs
How to Use the Loan Calculator
Calculate Loan Payments
Enter the loan amount, annual interest rate, and loan term to calculate your monthly payment and total loan costs.
Formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]
Loan Types
- • Auto Loans: Typically 3-7 years, secured by vehicle
- • Personal Loans: Usually 2-7 years, unsecured
- • Student Loans: 10-25 years, education financing
- • Business Loans: Variable terms, for business needs
Frequently Asked Questions
What affects my loan payment amount?
Your monthly payment is determined by the loan amount, interest rate, and loan term. Higher amounts and rates increase payments, while longer terms decrease them.
Should I choose a shorter or longer loan term?
Shorter terms mean higher monthly payments but less total interest paid. Longer terms have lower payments but cost more over time.
How can I get a better interest rate?
Improve your credit score, provide a larger down payment, shop around with multiple lenders, and consider a co-signer if needed.