Loan Calculator
Calculate monthly payments for personal, auto, and business loans
Loan Calculator
Personal Loan
Unsecured loan for personal expenses
Typical rates: 6% - 36%
💡 Loan Tips
- • Shop around with multiple lenders for the best rates
- • Consider shorter terms to save on total interest
- • Make extra payments toward principal when possible
- • Check for prepayment penalties before paying early
Types of Loans
💳 Personal Loans
- • Debt consolidation
- • Home improvements
- • Medical expenses
- • Wedding costs
- • Emergency expenses
🚗 Auto Loans
- • New car financing
- • Used car loans
- • Motorcycle loans
- • RV financing
- • Boat loans
🏢 Business Loans
- • Equipment financing
- • Working capital
- • Business expansion
- • Inventory financing
- • Commercial real estate
Loan Payment Factors
📊 Key Variables
- • Principal Amount: The total loan amount borrowed
- • Interest Rate: Annual percentage rate (APR)
- • Loan Term: Length of time to repay (months/years)
- • Payment Frequency: Monthly, bi-weekly, weekly
💰 Payment Components
- • Principal: Amount that reduces loan balance
- • Interest: Cost of borrowing money
- • Fees: Origination, processing, or service fees
- • Insurance: Optional loan protection insurance
Loan Comparison Tips
🔍 What to Compare
- • Annual Percentage Rate (APR)
- • Monthly payment amount
- • Total interest paid over loan term
- • Loan fees and closing costs
- • Prepayment penalty terms
- • Loan approval requirements
💡 Money-Saving Tips
- • Shop around with multiple lenders
- • Improve credit score before applying
- • Consider shorter loan terms
- • Make extra principal payments
- • Avoid unnecessary loan insurance
- • Negotiate interest rates and fees
Loan Term Comparison
| Loan Term | Monthly Payment | Total Interest | Pros & Cons |
|---|---|---|---|
| Short Term (2-3 years) | Higher | Lower | Less interest, faster payoff |
| Medium Term (4-5 years) | Moderate | Moderate | Balanced payment and interest |
| Long Term (6-7 years) | Lower | Higher | Lower payments, more interest |