How is a loan payment calculated?

Loan payments are calculated using the amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly rate, n is number of payments.

What's the difference between personal, auto, and student loans?

Personal loans are unsecured with higher rates (6-36%). Auto loans are secured by the vehicle (3-15%). Student loans typically have lower rates (4-14%) with flexible repayment.

Financial Calculators

Loan Calculator

Calculate monthly payments for personal, auto, and student loans. See total interest and get your payment schedule.

Loan Details

Loan Type

Loan Amount$25,000.00

Interest Rate10.00%

Loan Term36 months

Monthly Payment

$806.68

Payoff by 2/2/2029

Cost Breakdown

Loan Amount$25,000.00

Total Interest$4,040.47

Total Cost$29,040.47

Principal vs Interest

Principal

Interest

How is the Loan Payment Calculated?

Loan payments are calculated using the standard amortization formula:

M = P \times \frac{r(1+r)^n}{(1+r)^n - 1}

Variable Definitions

M = Monthly payment
P = Principal loan amount
r = Monthly interest rate
n = Total number of payments

Loan Types Explained

Unsecured loans with rates from 6-36%
Secured by vehicle, rates 3-15%
Education loans, rates 4-14%

Tips for Getting a Better Loan

1Compare rates from multiple lenders
2Improve your credit score before applying
3Consider a shorter term to save on interest
4Look for loans with no prepayment penalty
5Factor in all fees when comparing offers

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