Calculate monthly payments and total interest for any type of loan.
Enter your loan amount, annual interest rate, and loan term in months to instantly calculate your monthly payment and total cost. This calculator works for personal loans, auto loans, student loans, and any fixed-rate installment loan.
Your monthly loan payment is calculated using the amortization formula, which spreads equal payments over the loan term. Each payment covers the month's interest first, then reduces the principal balance. Early payments are mostly interest; later payments are mostly principal.
Personal loan rates in 2024 typically range from 6% to 36% APR depending on your credit score. Borrowers with excellent credit (720+) may qualify for rates as low as 6–10%. Rates above 20% are considered high — if you're facing these rates, consider improving your credit score or exploring credit union alternatives.
Shorter loan terms mean higher monthly payments but less total interest paid. Longer terms lower your monthly payment but significantly increase total cost. For example, a $25,000 loan at 6.5% costs $485/month over 60 months — but only $385/month over 84 months, though you'll pay nearly $1,500 more in interest total.