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Calculate your loan payments, total interest, and view a complete amortization schedule for any payment frequency.
The nominal rate (APR/TIN/TAN) is the base interest rate without compounding. Most loan advertisements display this rate prominently.
Total: 60 mos
You borrow $10,000.00 at 5.00% annual interest.
Your monthly payment is $188.71.
The total payment you need to make is $11,322.74; thus, the total finance charge (total interest plus additional fees) is $1,322.74.
The effective Eff. Rate that accounts for the compounding frequency as well is 5.12%.
Your loan will be paid off by ....
This calculator provides estimates only. Actual loan terms, rates, and costs may vary based on your credit profile, lender policies, and market conditions. For binding offers, consult lenders directly.
The effective rate (TAE/TAEG) is calculated using the EU Consumer Credit Directive methodology (IRR method), which includes compounding and fees. This standard is used across Europe. US APR calculations may differ. Always verify rates with your lender.
A loan calculator shows exactly what you'll pay before you borrow. Enter your loan amount, interest rate, and repayment term to see payments, total interest costs, and a complete amortization schedule. Use it to compare loan offers, plan your budget, or see how extra payments can save thousands in interest. Works for personal loans, auto loans, mortgages, student loans, and any fixed-rate installment loan.
Use our loan calculator before making any borrowing decision to:
Personal Loans - Unsecured loans for any purpose, typically 2-7 year terms
Auto Loans - Secured loans for vehicle purchases, usually 3-6 year terms
Mortgage Loans - Real estate loans with 15-30 year terms and lower rates due to collateral
Student Loans - Education financing with various repayment options
Business Loans - Commercial financing for entrepreneurs and companies
Payment Amount - The fixed amount you'll pay each period, including both principal and interest
Total Payment - The complete amount you'll repay over the loan's lifetime (loan amount + interest)
Total Interest - The cost of borrowing, determined by your rate, term, and amount
Amortization Schedule - Shows how each payment is split between principal and interest over time
P = L × [r(1+r)^n] / [(1+r)^n - 1]Where P = Periodic Payment, L = Loan Amount, r = Periodic Interest Rate, n = Total Number of Payments
Your payment is determined by three main factors: the loan amount (principal), the interest rate, and the loan term. A larger loan, higher interest rate, or shorter term will result in higher payments. Payment frequency also affects the amount - weekly payments are smaller than monthly but total more payments per year.
Shorter terms (2-3 years) mean higher payments but significantly less total interest and faster debt freedom. Longer terms (5-7 years) offer more affordable payments but cost much more in total interest. Choose based on your budget flexibility and financial goals.
More frequent payments (bi-weekly or weekly) can help you pay off your loan faster and reduce total interest. Bi-weekly payments result in 26 half-payments per year, equivalent to 13 monthly payments instead of 12, potentially shortening your loan by years.
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus additional fees like origination fees, closing costs, or insurance. APR gives you the true cost of a loan, making it easier to compare offers from different lenders.
Many loans allow early repayment, but some lenders charge prepayment penalties to recoup lost interest. Always check your loan agreement for prepayment terms before borrowing. Making extra payments can save thousands in interest if no penalty applies.
An amortization schedule breaks down each loan payment, showing how much goes toward principal versus interest. Early payments are mostly interest, while later payments pay down more principal. This schedule helps you understand your loan's payoff timeline and the impact of extra payments.
A general rule is to keep your total monthly debt payments below 36% of your gross income. Use this calculator to test different loan amounts and see which payment fits your budget. Consider other expenses, emergency savings, and financial goals before committing to a loan amount.
Credit scores above 720 typically qualify for the best interest rates. Scores between 650-719 may qualify for decent rates, while scores below 650 often face higher rates or require secured loans. Improving your credit score by even 20-30 points can save hundreds or thousands in interest.
This calculator works for any fixed-rate installment loan with regular payments - including personal loans, auto loans, student loans, and mortgages. It may not be accurate for variable-rate loans, credit cards with revolving balances, or loans with balloon payments. For exact terms, always consult your lender.