Calculate monthly payment and total cost of any loan.
These calculators use standard financial formulas (amortization, compound interest, marginal tax brackets) to estimate results based on the numbers you enter. They don't account for your full financial picture, and results shouldn't be treated as financial, tax, or investment advice. For decisions with real money on the line, check the numbers with a lender, accountant, or financial advisor who can see your complete situation.
Personal/installment loans use the same amortization math as mortgages: fixed monthly payment of principal + interest, more interest early and more principal later.
Monthly payment depends on amount, APR, and term. Shorter terms or higher payments cut total interest significantly.
Lenders price personal loans by credit score, income, and debt-to-income ratio, so the APR you're quoted can vary widely between lenders for the identical loan amount and term — always compare at least two or three offers before signing.
Borrowing $20,000 at 7% APR over 5 years: monthly payment $396.02, total interest $3,761.44, total repayment $23,761.44.
Nominal rate is raw cost; APR includes some fees and is the truer annual cost. Compare APR when shopping lenders.
Almost always yes — extra principal cuts future interest. Check for prepayment penalties first.
Yes, but you pay more total interest. Balance monthly affordability against total cost.
Rates tighten up meaningfully above 700, and the best offers usually start around 720-740+. Below 640, expect either higher APRs or the need for a co-signer.