Loan Calculator
Calculate your monthly loan payment, total cost, and full amortization schedule for any type of installment loan.
Loan Payment Calculator
Personal, auto, or any installment loan
How Loan Payments Work
Installment loans are repaid in fixed monthly payments over a set term. Each payment covers some interest (calculated on the remaining balance) and the rest reduces your principal.
M = P × [r(1+r)^n] / [(1+r)^n - 1]M = Monthly Payment · P = Loan Amount · r = Monthly Rate · n = Total Payments
Early in the loan, most of your payment goes to interest. Over time, more goes to principal — this is called amortization.
Frequently Asked Questions
Personal loan rates typically range from 6% to 36% depending on your credit score. Rates below 12% are generally considered good. Rates above 20% can be very costly — consider paying off sooner if possible.
Yes! Any extra payment goes directly to principal, which reduces future interest charges. Even paying one extra payment per year can save significantly on total interest and shorten your loan term.