Loan Calculator
Calculate your monthly payment for any loan. Works for personal loans, auto loans, student loans, or any fixed-rate installment loan.
Loan Details
Monthly Payment
$396.02
Cost Breakdown
Estimates only. Does not include origination fees or other charges.
Frequently Asked Questions
What is a good interest rate on a personal loan?
For personal loans, rates typically range from 6% to 36% depending on your credit score. With excellent credit (750+), you can expect 6–12%. Good credit (700–749) typically qualifies for 13–20%. Always compare multiple lenders before accepting an offer.
How do I lower my monthly loan payment?
You can lower monthly payments by extending the loan term (more months), getting a lower interest rate (by improving credit or shopping lenders), or borrowing less. Keep in mind: a longer term means more total interest paid.
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus any fees (origination fee, closing costs), making it a more complete picture of the loan's true cost. Always compare APR when shopping loans.
How does loan term affect total interest?
Longer terms mean lower monthly payments but much higher total interest. For example, a $20,000 loan at 7%: over 36 months you'd pay ~$2,210 in interest; over 72 months, ~$4,510. The monthly payment drops, but you pay more than double the interest.
This calculator is for informational purposes only. Results are estimates based on standard amortization formulas. Not financial advice.