Free · No Signup · No Credit Check

The Best Loan Calculator
for Every American Borrower

Mortgage, auto, personal, student — calculate your exact monthly payment in seconds using the same formula every U.S. bank uses.

Calculate My PaymentBrowse All 50+ Calculators
Secure — No data storedAccurate — Standard PMT formulaInstant — Real-time resultsMobile-ready — Any device
Free Loan Calculator

Calculate Your Loan Payment

Enter your loan details below. Adjust sliders in real time to compare different amounts, rates, and terms — then see the full amortization schedule.

  • Exact PMT formula — same as your bank
  • Full amortization schedule by month
  • Payoff date & total interest paid
  • Works for any loan type
Loan Amounte.g. $25,000
$
Annual Interest RateEnter your lender's rate
%
Loan Termin months
mo
Secure — No data stored
Accurate — Standard PMT formula
Instant — Real-time results
Mobile-ready — Any device
All Calculators

Find the Right Calculator for Your Loan

From mortgages to student loans — every calculator you need, free.

Mortgage CalculatorMonthly payments, amortization, and total interest for home loans.Calculate Auto Loan CalculatorCar payments with down payment, trade-in, and term options.Calculate Personal LoanCompare personal loan offers and find the best monthly payment.Calculate Student LoanFederal and private student loan payments and repayment plans.Calculate Refinance CalculatorSee how much you save by refinancing your existing loans.Calculate Home AffordabilityHow much home can you afford based on income and debts?Calculate Debt ConsolidationCombine multiple debts into one manageable monthly payment.Calculate View All 50+ CalculatorsFHA, VA, USDA, HELOC, business loans, APR, and much more.Calculate
Current U.S. Rates — March 2026

What Interest Rate Should You Use?

National averages to use as a starting point. Always enter your actual lender rate for best accuracy.

Mortgage — 30-Year Fixed
6.11%
15-yr fixed: 5.50%
Source: Freddie Mac PMMS — Mar 12, 2026
Auto Loan — 60-Month New
6.93%
Used car avg: 11.87%
Source: Bankrate / Experian — Mar 11, 2026
Personal Loan — All Lenders
12.26%
Credit unions: 10.72%
Source: Bankrate Monitor — Mar 11, 2026
Federal Student Loan — Undergrad
6.53%
Grad: 8.08% · PLUS: 9.08%
Source: Federal Student Aid — 2024–25 year

Rates shown are national averages for reference only. Your actual rate depends on credit score, income, lender, and other factors. Rate data updated monthly.

What Is a Loan Calculator?

A loan calculator is a free tool that estimates your monthly loan payment before you borrow. Enter three numbers — loan amount, interest rate, and term — and instantly see your monthly payment, total interest over the life of the loan, and a complete amortization schedule.

Our calculator uses the standard PMT (Payment) formula used by every bank, credit union, and lender in the United States. The results match exactly what your lender will calculate.

How Is a Monthly Loan Payment Calculated?

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
M = Monthly paymentP = Principal (loan amount)r = Monthly rate (annual ÷ 12)n = Total payments (years × 12)

Example: a $300,000 mortgage at 6.11% APR for 30 years gives a monthly P&I payment of $1,820. Over 30 years, you'd pay $355,200 in interest — more than the original loan amount. That's why comparing rates matters.

What the Calculator Includes — and What It Doesn't

This calculator shows your principal and interest (P&I) payment only. For mortgages, your lender will also add:

  • Property taxes — 0.5%–2.5% of home value per year, varies by county
  • Homeowner's insurance — typically $100–$200/month
  • PMI — required if down payment < 20%, typically 0.5%–1.5%/year of loan
  • HOA fees — if applicable, varies by community

Your lender is required by law to provide a full Loan Estimate (CFPB) with exact PITI breakdown within 3 business days of your application.

Key Terms Explained
APR vs. Interest Rate
Interest rate is the base cost of borrowing. APR includes fees — it's the true annual cost. Always compare APRs.
Amortization
Paying off a loan in equal installments over time. Early payments are mostly interest; later payments go to principal.
Principal
The original loan amount you borrow, not including interest.
Loan Term
How long you have to repay. Longer term = lower monthly payments but more total interest.
DTI Ratio
Debt-to-Income ratio. Lenders typically require total monthly debt below 43% of gross income.
Data Sources
How It Works

Get Your Numbers in 4 Steps

No signup. No emails. Just instant, accurate results.

01

Enter Loan Details

Input your loan amount, interest rate, and term. Use sliders for quick adjustments or type exact values.

02

See Instant Results

Get your monthly payment, total interest paid, and full amortization schedule — calculated in real time.

03

Compare & Adjust

Tweak the numbers to see how different terms or rates affect your payment. Find the deal that works.

04

Get Your Best Rate

Ready to apply? Compare personalized rates from top U.S. lenders with no credit impact.

FAQ

Common Questions About Loan Calculators

How accurate is this loan calculator?
Our calculator uses the standard amortization formula (PMT) used by every bank and lender in the U.S. The principal & interest calculation is 100% accurate. The total shown does not include property taxes, homeowner's insurance, HOA fees, or PMI — your lender will provide exact figures in a Loan Estimate.
What interest rate should I use?
Use the APR (Annual Percentage Rate) offered by your lender for the most accurate estimate. As of March 2026: 30-year fixed mortgages average 6.11% (Freddie Mac), auto loans 6.93% (Bankrate), and personal loans 12.26% (Bankrate Monitor). These are averages — your rate depends on your credit score.
What is an amortization schedule?
An amortization schedule shows every payment over the life of your loan — how much goes to principal vs. interest, and your remaining balance after each payment. Early in the loan, most of your payment is interest. Over time, more goes to paying down the principal.
How can I lower my monthly payment?
Three main levers: (1) Extend the loan term — lower monthly payment but more total interest. (2) Lower the interest rate — improve your credit score, shop multiple lenders, or buy mortgage discount points. (3) Reduce the loan amount — larger down payment or smaller purchase.
Does using this calculator affect my credit score?
No. Our calculator is completely anonymous — we collect no personal information, do not pull your credit, and share no data with anyone. There is zero impact to your credit score. Run as many calculations as you like.

Ready to Find Your Best Rate?

Compare personalized loan offers from top U.S. lenders. No impact to your credit score.

Compare Rates Now