Loan Calculator
Calculate monthly payments for personal loans, auto loans, student loans, and more. See how extra payments can save you thousands in interest and time.
Loan Calculator
See how extra payments can save you money
Personal Loan Info
• Typically 6-36% APR
• Unsecured loan
• 2-7 year terms common
How to Use This Loan Calculator
Loan Types Supported
- Personal Loans: Unsecured loans for any purpose
- Auto Loans: Vehicle financing and refinancing
- Student Loans: Education financing options
- Business Loans: Small business and commercial loans
- Home Equity Loans: Secured by home equity
Calculator Features
- Monthly Payment: Exact payment calculation
- Total Interest: Lifetime interest costs
- Amortization Schedule: Payment breakdown by month
- Extra Payments: See savings with additional payments
- Loan Comparison: Compare different scenarios
💡 Extra Payment Benefits
Save on Interest: Extra payments go directly to principal, reducing total interest paid.
Pay Off Early: Shorten your loan term by months or even years.
Build Equity Faster: For secured loans, build ownership equity quicker.
Financial Freedom: Eliminate debt payments sooner to free up cash flow.
Understanding Different Loan Types
🏦 Personal Loans
- • Interest rates: 6-36% APR
- • Terms: 2-7 years typically
- • No collateral required
- • Fixed payments and rates
- • Use for debt consolidation, home improvements, etc.
🚗 Auto Loans
- • Interest rates: 3-10% APR
- • Terms: 3-8 years typically
- • Secured by the vehicle
- • New cars get better rates
- • Consider total cost, not just monthly payment
🎓 Student Loans
- • Federal: 5-7% APR typically
- • Private: 4-12% APR range
- • Terms: 10-25 years
- • Federal loans have more protections
- • Consider income-driven repayment plans
🏢 Business Loans
- • Interest rates: 6-30% APR
- • Terms: 1-10 years typically
- • Rates depend on business credit
- • May require personal guarantee
- • SBA loans offer competitive rates
💰 Money-Saving Tips
- • Shop around for the best rates
- • Check your credit score first
- • Consider shorter loan terms
- • Make extra principal payments
- • Avoid unnecessary add-ons
- • Consider bi-weekly payments
- • Refinance if rates drop
- • Read all terms carefully
Frequently Asked Questions
How do extra payments help?
Extra payments go directly toward the principal balance, reducing the amount of interest you pay over the life of the loan and shortening the payoff time.
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing money. APR includes the interest rate plus additional costs like fees, giving you a more complete picture of the loan's cost.
Should I choose a shorter or longer loan term?
Shorter terms mean higher monthly payments but less total interest paid. Longer terms have lower monthly payments but cost more over time. Choose based on your budget and financial goals.
When should I consider refinancing?
Consider refinancing if interest rates have dropped significantly, your credit score has improved, or you want to change your loan term. Calculate the costs and benefits first.
⚠️ Important Disclaimer
This calculator provides estimates based on the information you provide. Actual loan terms, rates, and costs may vary based on your creditworthiness, lender policies, and market conditions. Always consult with qualified financial professionals and get official loan quotes before making borrowing decisions.