Loan Calculator
$0.00 / month
How This Loan Calculator Works
This calculator estimates the fixed monthly payment on a standard amortized loan — such as a personal, student, or business loan — using your loan amount, interest rate, and repayment term. Each payment is split between principal and interest, with the interest portion shrinking over time.
Personal Loan vs Credit Card Debt
Personal loans typically carry a fixed rate and a fixed payoff date, unlike revolving credit card debt. If you're comparing payoff strategies, use the amortization calculator to see how extra payments could shorten your timeline.
What Affects Your Interest Rate?
- Credit score and credit history
- Loan term — shorter terms often have lower rates but higher payments
- Whether the loan is secured or unsecured
Frequently Asked Questions
How is a loan payment calculated?
Fixed-rate loan payments are calculated from the loan amount, annual interest rate, and repayment term using the standard amortization formula.
Does paying extra toward principal save money?
Yes. Extra principal payments reduce the balance interest is calculated on, shortening the loan term and cutting total interest paid.