Loan Calculator
Work out the payment on a personal loan, how much you can borrow for a budget, or how long payoff will take — including fees, true APR and extra payments. Free and private.
Free · No sign-upHow to use Loan Calculator
- 1. Choose what to calculate: the payment, how much you can borrow, or the payoff time.
- 2. Enter the loan amount or the payment you can afford, the APR and the term, and pick monthly, biweekly or weekly payments.
- 3. Add any origination fee and whether it is deducted or added to the balance, plus an optional extra payment.
- 4. Read the payment, total interest and effective APR, then open the amortization schedule, copy the summary or download the CSV.
Frequently asked questions
How is a loan payment calculated?
The standard amortization formula is M = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the APR divided by the number of payments per year and n is the number of payments. A $20,000 loan at 9% APR for 5 years costs $415.17 a month.
What is an origination fee and how does it affect APR?
An origination fee is a one-time charge, usually 1% to 10% of the loan, that is often deducted from the money you receive. You still repay the full loan, so the true cost is higher than the interest rate. The calculator finds the effective APR that includes the fee.
How much can I borrow with a given payment?
Choose “How much I can borrow”, enter the payment you can afford, the APR and the term. For example, $500 a month at 6% APR for 3 years supports a loan of about $16,435.
Do extra payments save money?
Yes. Every extra dollar goes straight to principal, so less interest builds up and the loan ends sooner. Enter an extra amount per payment to see the new payoff date and the interest you save. Check first that your lender has no prepayment penalty.
Is a biweekly payment better than monthly?
Paying half the monthly amount every two weeks gives 26 half-payments a year, the same as 13 monthly payments, which pays the loan off faster. The calculator shows biweekly, twice-monthly and weekly schedules with the rate per period.
Can I use this for car loans or mortgages?
It works for any fixed-rate amortized loan. For car loans with trade-in and sales tax use the Auto Loan Calculator, and for home loans with taxes, insurance and PMI use the Mortgage Calculator.