Loan Calculator
Calculate your loan payments and total cost
$
%
years
months
Loan Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where:
M = Monthly payment
P = Principal (loan amount)
r = Monthly interest rate (annual rate / 12)
n = Total number of payments
Where:
M = Monthly payment
P = Principal (loan amount)
r = Monthly interest rate (annual rate / 12)
n = Total number of payments
Common Loan Types
- Auto Loans: Typically 3-7 years, rates from 4-12%
- Personal Loans: Usually 2-7 years, rates from 6-36%
- Student Loans: 10-25 years, federal rates around 5-8%
- Home Equity: 5-30 years, rates from 5-10%