Determine your monthly payment based on loan amount, terms, and rate.
How to use the Loan Calculator
Use our loan calculator to easily determine a monthly payment amount. Simply enter the amount of the loan, the number of payments you’ll make, and the annual interest rate you expect to pay.
The Payment Method refers to whether the lender uses the start of period or end of period to determine when your loan is due. There’s usually a slight difference in how much you pay monthly based on the payment method. If unsure, choose End-of-Period.
Once you’ve entered all required inputs, just click the Calc button at the bottom of the calculator.
For additional explanation, click the Help button.
- Click the $ sign at the bottom of the calculator to change the currency
- Click mm/dd/yyyy to change the date format
- Click the + or – to increase or decrease the size of the calculator
- Click Print to print a screenshot of the calculator with your inputs and their results
- Click Schedule to see a detailed loan payment schedule based on your inputs
- Click Charts to see three graphs that visually represent your loan payments over time
4 Factors to compare when shopping for a loan
When shopping for a personal loan, it’s crucial to compare various aspects to find the loan that best suits your financial needs and circumstances. Here are four essential details to consider and compare:
- Interest Rate (APR): The interest rate, often expressed as the Annual Percentage Rate (APR), is one of the most critical factors to compare. It represents the cost of borrowing and directly affects the total amount you’ll pay for the loan. Lower APRs result in lower overall loan costs. Be sure to understand whether the interest rate is fixed (remains the same throughout the loan term) or variable (may change over time).
- Loan Term: The loan term refers to the length of time you have to repay the loan. Longer terms typically result in lower monthly payments but may lead to higher overall interest costs. Shorter terms may have higher monthly payments but can save you money on interest in the long run. Compare different loan term options to see which aligns with your budget and financial goals.
- Fees and Charges: Personal loans can come with various fees and charges, such as origination fees, application fees, prepayment penalties, and late payment fees. It’s essential to understand the complete fee structure associated with each loan offer. Some lenders may advertise low interest rates but offset them with high fees, making the loan more expensive than it initially appears.
- Repayment Flexibility: Examine the flexibility of repayment options. Can you make extra payments or pay off the loan early without penalties? Does the lender offer flexible payment schedules that align with your income cycle? Understanding these aspects can be crucial if you want to make additional payments to reduce your debt faster or need some flexibility in your repayment plan.
In addition to these four details, consider other factors like the lender’s reputation, customer service, and eligibility requirements. It’s also wise to get prequalified with multiple lenders to compare personalized loan offers based on your credit score and financial situation. This allows you to make an informed decision and choose the personal loan that best meets your needs while minimizing the overall cost of borrowing.