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Loan Calculator
Monthly payment and payoff timeline
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Monthly Payment
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Interest
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How Loan Payments Work
Loan payments are determined by principal, interest rate, and term. This calculator uses the standard amortization formula for fixed monthly payments.
Frequently Asked Questions
How is loan interest calculated?
Interest is calculated monthly on the remaining balance. Early payments are mostly interest; later payments are mostly principal.
Can I pay off my loan early?
Most loans allow early payoff. Making extra payments toward principal reduces total interest and shortens the loan term significantly.
What is a good interest rate for a personal loan?
Good rates range from 6-12% depending on credit score. Excellent credit may qualify for rates below 8%.