Loan Calculator
Calculate monthly payments, compare loan options, and plan your financing with our comprehensive loan calculator suite.
Loan Calculator
Calculate monthly payments and total interest
Common Loan Types
Mortgage Loans
15-30 year terms, 3-7% interest rates
Used for purchasing homes and real estate
Auto Loans
3-7 year terms, 3-10% interest rates
Secured by the vehicle being purchased
Personal Loans
2-7 year terms, 6-36% interest rates
Unsecured loans for various purposes
Student Loans
10-25 year terms, 3-8% interest rates
Federal and private education financing
Business Loans
1-25 year terms, 4-30% interest rates
Financing for business operations and growth
Home Equity Loans
5-30 year terms, 3-8% interest rates
Secured by home equity value
Understanding Loans
How Loans Work
A loan is money borrowed from a lender that must be repaid with interest over a specified period. The monthly payment consists of principal (loan amount) and interest charges.
Amortization: Most loans are amortized, meaning early payments go mostly toward interest, while later payments go mostly toward principal.
Key Loan Terms
Understanding loan terminology helps you make better financial decisions and compare different loan offers effectively.
APR: Annual Percentage Rate includes interest plus fees, giving you the true cost of borrowing.
Loan Calculator Features
Basic Loan Calculator
- • Calculate monthly payments
- • View total interest costs
- • See amortization schedule
- • Determine payoff date
- • Payment breakdown visualization
Extra Payment Calculator
- • Calculate interest savings
- • See time reduction benefits
- • Compare payment scenarios
- • Optimize payment strategy
- • Track early payoff progress
Loan Comparison
- • Compare multiple loan offers
- • Side-by-side analysis
- • Find the best deal
- • Evaluate different terms
- • Make informed decisions
Affordability Calculator
- • Determine borrowing capacity
- • Follow 28/36 debt rules
- • Calculate maximum home price
- • Assess debt-to-income ratio
- • Plan realistic budgets
Loan Types and Typical Terms
| Loan Type | Typical Term | Interest Rate Range | Typical Use |
|---|---|---|---|
| Mortgage | 15-30 years | 3-7% | Home purchase |
| Auto Loan | 3-7 years | 3-10% | Vehicle purchase |
| Personal Loan | 2-7 years | 6-36% | Debt consolidation, major purchases |
| Student Loan | 10-25 years | 3-8% | Education expenses |
| Business Loan | 1-25 years | 4-30% | Business operations, equipment |
Tips for Getting the Best Loan
Before Applying
- • Check and improve your credit score
- • Shop around with multiple lenders
- • Calculate what you can afford
- • Gather necessary documentation
- • Consider different loan terms
- • Save for a larger down payment
During the Process
- • Compare APR, not just interest rates
- • Read all terms and conditions
- • Understand fees and penalties
- • Consider prepayment options
- • Negotiate terms when possible
- • Get pre-approval for better rates
Strategies to Save Money
Make Extra Payments
Even small extra payments toward principal can save thousands in interest and years off your loan term. Use our extra payment calculator to see the impact.
Refinance When Rates Drop
If interest rates decrease significantly or your credit improves, refinancing can lower your monthly payments and total interest costs.
Choose Shorter Terms
Shorter loan terms typically have lower interest rates and save money overall, though monthly payments will be higher.
Important Disclaimer
This loan calculator provides estimates based on the information you enter. Actual loan terms, payments, and costs may vary based on your creditworthiness, lender policies, and market conditions. Always consult with qualified financial professionals and compare multiple loan offers before making borrowing decisions.