Loan Calculator
Calculate loan payments, interest, and view amortization schedules
Personal Loan: Unsecured loan for personal expenses
Typical rate: 6-36% | Max term: 7 years
Enter your loan details and click "Calculate Loan" to see your results
Ever stared at that monthly payment number and thought "How the heck did they come up with that?" Well, there's actually some method to the madness - every lender on the planet uses this same formula:
Yeah, I see you backing away from your screen. Don't worry - it's way less complicated than it looks:
- M = Your monthly payment (this is what you actually care about)
- P = The chunk of money you need to borrow
- r = Your interest rate chopped up into monthly pieces (annual rate ÷ 12)
- n = Total payments you'll be making (48 months, 60 months, whatever)
Think of it this way: the formula takes your total debt (what you borrowed plus all the interest you'll pay) and divides it up so you pay the exact same amount every single month. Pretty clever, right? Whether you're making your very first payment or your last one, that number stays the same.
What Kind of Loan Are You Looking For?
- Personal loans: Need cash for home improvements, debt consolidation, or that unexpected expense? These don't require collateral.
- Auto loans: Buying a car? The vehicle itself secures the loan, which usually means better rates.
- Student loans: Covering education costs with loans designed specifically for school expenses.
- Business loans: Growing your business or need working capital? These loans are tailored for business needs.
Each type works a bit differently, but they all use the same basic math to figure out your monthly payment.