Loan Calculator
Calculate monthly payments, total interest, and full amortization for personal loans, auto loans, student loans, and SBA business loans. 2026 US rates included.
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How it works
Calculation methodology
How Loan Payments Are Calculated
Every fixed-rate loan — personal, auto, student, or business — uses the same amortization formula. Each payment is identical, but the split between interest and principal shifts every month.
M = P × [r(1+r)^n] / [(1+r)^n − 1]
In plain terms: early payments are mostly interest. Later payments are mostly principal. This is why paying a little extra in the first 12–18 months of a loan saves disproportionately more than extra payments near the end.
2026 US lending rate landscape
| Loan type | Credit score | Typical APR range |
|---|---|---|
| Personal (excellent credit) | 760+ | 7%–11% |
| Personal (good credit) | 680–759 | 11%–19% |
| Auto loan — new vehicle | 720+ | 5.5%–8% |
| Auto loan — used vehicle | 680+ | 8%–12% |
| Federal student loans (2024–25) | N/A | 6.53%–9.08% |
| SBA 7(a) business loan | 680+ | 10%–13% |
| Credit card (carry a balance) | Any | 20%–29% |
The loan term trade-off no one talks about
Longer term = lower payment, much higher total cost. $25,000 at 9% APR: 36 months = $795/month, $3,600 total interest. 60 months = $519/month, $6,100 total interest. The 5-year loan saves $276/month but costs $2,500 more over time. Your cash flow situation decides which makes sense — but go in knowing the real cost.
When to use a 0% APR credit card instead
For amounts under $10,000 that you can pay off in 12–18 months, a 0% intro APR credit card (Chase Freedom Flex, Citi Double Cash, etc.) often beats even the best personal loan rate. You pay no interest during the promotional period. Just make sure you can pay it off before the rate resets — typically to 19%–29%.
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