Loan Calculator 2026 – Monthly Payment, Interest & Schedule

How this loan calculator works

Enter the amount you want to borrow, the annual interest rate (APR) and the term. The calculator uses the standard amortization formula to find a fixed monthly payment that pays off the loan exactly by the end of the term, and shows how much of your money goes to interest. Add an origination fee to see the loan's true cost, or an extra monthly payment to see how much faster you can be debt-free.

Payment = P × r ÷ (1 − (1 + r)⁻ⁿ), where P is the loan amount, r the monthly rate (APR ÷ 12) and n the number of months.

Typical loan rates

Rates depend on the loan type, your credit score and your income. Many variable-rate loans and lines of credit are priced from the bank prime rate, currently the current prime rate in the U.S. Unsecured personal loans commonly range from single digits for excellent credit to over 30% APR for poor credit. Federal student loans have fixed rates set each year by law, and secured loans (home equity, auto) are usually cheaper than unsecured ones.

Origination fees and the real APR

Many personal loans charge an origination fee of 1%–10%, usually subtracted from the money you receive. If you borrow $15,000 with a 5% fee, you receive $14,250 but repay the full $15,000 plus interest. The calculator converts this into an effective APR so you can compare offers fairly. U.S. lenders must disclose the APR under the Truth in Lending Act; Canadian lenders must disclose the cost of borrowing.

Shorter term or lower payment?

A longer term lowers the monthly payment but increases the total interest. Compare a 3-year and a 5-year term above — the difference in interest is often thousands of dollars. If you choose a longer term for flexibility, paying a little extra each month gives you the best of both, as long as the loan has no prepayment penalty.

Before you borrow

Check your debt-to-income ratio; most lenders prefer it below about 36%–43%.
Pre-qualify with several lenders — a soft credit check does not affect your score.
If you are consolidating credit card debt, compare the loan with a balance transfer using our credit card payoff calculator.

Frequently asked questions

What is the monthly payment on a $10,000 loan?

At 10% APR over 5 years, the payment is about $212.47 per month, with roughly $2,748 of total interest. Over 3 years it is about $322.67 per month and $1,616 of interest.

What credit score do I need for a personal loan?

Many lenders approve scores from about 600–660, but the best rates usually require 720 or higher.

Does paying a loan early save money?

Yes, for simple-interest amortizing loans. Extra principal payments reduce the balance that interest is charged on. Check for prepayment penalties first.

What is the difference between interest rate and APR?

The interest rate is the cost of borrowing the principal. APR also includes certain fees, such as origination fees, so it reflects the total yearly cost.

Sources & methodology

This calculator was last reviewed on November 1, 2026. Figures are based on the following official and primary sources:

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Loan Calculator – Monthly Payment & Amortization