Loan Calculator
Calculate monthly payments, total interest, and loan costs for different types of loans. Perfect for car loans, personal loans, student loans, and business financing.
Loan Details
Typical: 3-7%, 3-7 years
Payment Summary
Understanding Loan Payments
Loan payments consist of principal (the original amount borrowed) and interest (the cost of borrowing money). In the early years of a loan, most of your payment goes toward interest.
Tips for Better Loan Terms:
- Improve Your Credit Score: Better scores get lower interest rates
- Shop Around: Compare offers from multiple lenders
- Consider Shorter Terms: Shorter loans have less total interest
- Make Extra Payments: Reduce total interest and pay off faster
📈 Pro Tip for US Borrowers:
Check if you qualify for special loan programs like FHA loans for mortgages or federal student loans which often have lower interest rates and better terms than private alternatives.