Loan Calculator: Plan Your Borrowing

Take control of your debt and interest payments.

Whether you are looking to consolidate debt, finance a new vehicle, or take out a personal loan for a family project, understanding the true cost of borrowing is essential. Our Loan Calculator breaks down your monthly payments and reveals exactly how much interest you will pay over the life of the loan.

Loan Calculator

Calculate personal, auto, or student loan payments

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Enter loan details to see the breakdown

How Interest Impacts Your Loan

The Annual Percentage Rate (APR) is the most important number in your loan agreement. Even a 1% difference in interest can mean hundreds or thousands of dollars in extra costs over time.

The Power of Extra Payments

By adding a small amount to your monthly principal, you can significantly reduce the amount of interest you pay.

  • Example: On a $10,000 loan at 10% interest for 5 years, paying just $20 extra a month can shave months off your debt and save you nearly $300 in interest.

Types of Loans Supported

Our calculator is flexible enough to handle the most common family borrowing needs:

  1. Personal Loans: Often used for home improvements or medical expenses. These are typically unsecured with fixed rates.
  2. Auto Loans: Specific to vehicle purchases. In the US and Canada, these are usually calculated over 60 or 72 months.
  3. Debt Consolidation: Use this tool to see if a single personal loan has a lower monthly cost than your current combined credit card minimums.
  4. Student Loans: Helpful for families in the UK and US to estimate repayment schedules based on graduated or fixed interest rates.

Frequently Asked Questions – Loan Calculator

1. What is the difference between APR and Interest Rate?

The Interest Rate is the basic cost of the money. The APR (Annual Percentage Rate) includes the interest rate PLUS any fees or costs charged by the lender (like origination fees). Always use the APR in this calculator for the most accurate result.

What is an Amortization Schedule?

This is a table showing every payment you will make over the life of the loan. Each payment is split into Principal (paying back what you borrowed) and Interest (the lender’s profit). Early payments are mostly interest, while later payments are mostly principal.

Are there penalties for paying a loan early?

Some lenders in the UK and US charge a “prepayment penalty” if you pay off the loan before the term ends. Always check your contract before making large extra payments.