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CalcSmart › Loan Calculator

Loan Payment Calculator — Any Loan, Any Term

Calculate your monthly payment for any type of loan — car, personal, student, or otherwise. See the total cost and interest you'll pay over the life of the loan.

%/yr
Monthly Payment
—
Total Paid—
Total Interest—
Interest as % of loan—
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How to Use This Loan Calculator

Enter your loan amount, annual interest rate, and term. The calculator shows your fixed monthly payment, the total amount you will pay back, and the total interest charged. Use it to compare different loan amounts, rates, and terms before you commit.

Types of Loans This Works For

How Loan Payments Are Calculated

This calculator uses the standard amortization formula: each monthly payment covers that month's interest charge plus a portion of the principal. Early payments are mostly interest; later payments are mostly principal. The total payment stays the same every month.

Shorter Term vs Longer Term

A shorter loan term means higher monthly payments but much less interest paid overall. A $25,000 loan at 6% costs about $466/month over 5 years (total interest: $2,967). The same loan over 3 years costs $760/month but only $1,759 in interest — saving over $1,200. If you can afford the higher payment, shorter is almost always better.

Frequently Asked Questions

What is a good interest rate for a personal loan?+
Personal loan rates vary widely by credit score. Excellent credit (720+): 6–12%. Good credit (680–719): 12–18%. Fair credit (640–679): 18–28%. Poor credit: 28%+. Rates below 10% are generally considered good for personal loans. Always compare at least 3–4 lenders before accepting an offer.
Should I pay off my loan early?+
Usually yes — paying extra reduces the principal faster, which means less interest accrues over time. However, check whether your loan has a prepayment penalty first (some lenders charge a fee for early payoff). Also consider opportunity cost: if your loan rate is 5% but you can earn 7% investing, it may be better to invest the extra money instead.
What happens if I miss a loan payment?+
Missing a payment typically results in a late fee (usually $25–50), and after 30 days it will appear on your credit report, damaging your credit score. After 90+ days, the lender may send the account to collections. If you're struggling, contact your lender before missing a payment — many offer hardship programs or deferment options.
How does my credit score affect my loan rate?+
Your credit score is the single biggest factor in the rate you're offered. A difference of 100 points in your credit score can mean 5–10% difference in your interest rate, which translates to thousands of dollars over the life of a loan. Before applying for a major loan, it's worth spending 3–6 months improving your score by paying down balances and fixing any errors on your credit report.

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