Calculate your monthly loan payment, total interest, and full payment schedule for any fixed-rate loan. Free loan payment calculator for personal, auto, student, and business loans.
Personal, auto, student & business loans
This loan payment calculator uses the standard amortization formula to compute your fixed monthly payment based on loan amount, interest rate, and term. Enter any fixed-rate loan — personal loan, auto loan, student loan, or business loan — and instantly see how much of each payment goes to principal versus interest, plus your total interest cost over the life of the loan. A $25,000 personal loan at 8.5% for 3 years comes out to $789/month with about $3,400 in total interest. Extend the same loan to 5 years and the monthly payment drops to $513 — but total interest climbs to nearly $5,800. The loan amortization schedule shows this trade-off payment by payment.
In 2026, loan interest rates vary widely by type and credit score. Auto loans for new vehicles average 6%–9% for excellent credit; personal loans run 8%–25% depending on creditworthiness; federal student loan rates are set annually by Congress, ranging from 6.53% for undergrad to 9.08% for Grad PLUS loans in 2024–2025. Business loans from traditional banks often require strong revenue history and may carry rates from 7% to 15%+. Regardless of loan type, the monthly payment formula is the same — and this calculator gives you the exact number before you walk into a bank or sign an online application.
Average personal loan APR: 8%–12% for excellent credit (760+ FICO), 15%–25% for fair credit. Online lenders like SoFi, LightStream, and Marcus often beat traditional banks on rates for well-qualified borrowers.
New car rates: 5.5%–8.5% for good-excellent credit. Used car rates run 1%–3% higher. Credit unions consistently offer below-average rates — check yours before visiting the dealership's finance office.
Shorter terms mean higher monthly payments but dramatically less total interest. A $20,000 loan at 9%: 3-year term = $636/mo, $2,900 interest. 5-year term = $415/mo, $4,900 interest — $2,000 more in interest for $221 less per month.
On a $30,000 loan over 5 years: 7% APR costs $5,440 in interest; 12% APR costs $9,720 — a $4,280 difference. Getting pre-approved at multiple lenders before accepting a rate almost always pays off.