Quick lookup
Monthly payment by loan amount and term (typical 2026 rates)
Quick reference for the most-searched loan scenarios. Rates reflect mid-2026 averages for borrowers with good credit. Your actual rate depends on credit score, loan type, and lender.
| Loan amount | 5 yr / 7.5% APR | 5 yr / 9% APR | 10 yr / 7.5% APR | 10 yr / 9% APR |
|---|---|---|---|---|
| $5,000 | $100 | $104 | $59 | $63 |
| $10,000 | $200 | $208 | $119 | $127 |
| $15,000 | $301 | $311 | $178 | $190 |
| $20,000 | $401 | $415 | $237 | $253 |
| $25,000 | $501 | $519 | $297 | $317 |
| $30,000 | $601 | $623 | $356 | $380 |
| $40,000 | $802 | $830 | $475 | $507 |
| $50,000 | $1,002 | $1,038 | $594 | $633 |
Add APR fees if quoted separately. A $10K personal loan at 12% for 3 years is about $332/month, total interest ~$1,952.
Overview
What does this calculator do?
The loan calculator computes the monthly payment, total interest, and amortization schedule for any fixed-rate loan: auto, student, personal, or home-equity. It uses the standard amortization formula, the same one banks use internally. Add an extra monthly payment to see how much time and interest you would save by paying down principal faster.
The math
The loan payment formula
For a fixed-rate loan with monthly compounding:
M = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)
Where M is the monthly payment, P is the principal (loan amount), r is the monthly interest rate (annual rate / 12), and n is the total number of monthly payments (years × 12). The numerator and denominator both have the same exponential term — it cancels mathematically only when n is very small.
Loan types compared
Auto, student, personal, home equity
Auto loans
Secured by the vehicle. New car rates 6-9% APR, used 7-12% in 2026. Typical term 4-6 years. Longer terms (7+ years) cost more in interest and risk being upside-down.
Student loans
Federal undergrad direct loans around 6.5%. Grad loans 7-8%. Private refinanced loans 6-15% depending on credit. Standard term 10 years; extended terms available.
Personal loans
Unsecured, no collateral. Rates 8-25% APR depending on credit score. Common terms 2-5 years. Used for debt consolidation, home improvement, medical bills.
Home equity loans
Secured by your home equity. 8-10% APR for fixed loans in 2026. Terms 5-30 years. Interest may be tax-deductible if used to improve the home.
HELOC
Variable-rate revolving line of credit secured by your home. Rates float with the prime rate. Best for ongoing or uncertain expenses, not a single lump sum.
Mortgage
A specific type of loan secured by real estate. Use our dedicated Mortgage Calculator instead — it includes property tax, insurance, and full PITI.
The biggest lever
How extra payments change the math
An extra payment goes 100% to principal (no interest portion). That reduces the balance interest is calculated on next month, which means even more of the next regular payment goes to principal too. The effect compounds.
Worked example
On a $30,000 auto loan at 7.5% APR for 5 years:
- Base monthly payment: $601
- Total interest paid over 5 years: $6,062
- Add $100/month extra: pays off in 4 years 2 months, total interest $5,068 (saves $994 and 10 months)
- Add $200/month extra: pays off in 3 years 7 months, total interest $4,309 (saves $1,753 and 17 months)
Check for prepayment penalties
A trap to avoid
Watch the total interest, not just the monthly payment
A longer loan term has a lower monthly payment but you pay much more total interest. On a $20,000 auto loan at 8% APR:
- 3-year term: $627/month, total interest $2,562
- 5-year term: $406/month, total interest $4,332
- 7-year term: $312/month, total interest $6,200 (more than 2x the 3-year total)
The longer term saves you $321/month vs the 3-year option but costs an extra $3,638 over the life. The trap: lenders advertise monthly payment because it sounds small. Always check total interest before agreeing to a longer term.
Behind the scenes
Privacy and how it runs
Everything runs in your browser
Common questions
What's a good APR for an auto loan?
In mid-2026: under 6.5% is excellent, 6.5-9% is typical for good credit, 10-15% is subprime, and over 15% suggests very poor credit or a predatory lender. Always shop at least 3 lenders.
What's the difference between APR and interest rate?
Interest rate is the cost of borrowing the principal. APR adds origination fees, points, and other costs and expresses them as an annualized rate. APR is always equal to or higher than the interest rate, and it's the more accurate number for comparing loan offers.
Does extra payment reduce my monthly bill?
No — extra payments shorten the loan but the regular monthly payment stays the same. If you want a lower monthly bill, refinance to a longer term (which costs more total interest) or to a lower rate.
Should I take a 0% APR loan?
0% APR auto and store financing is genuinely free money — if you would have bought the item anyway and the cash price is the same as the financed price. Watch for: deferred-interest gotchas (full interest charged retroactively if you miss the term), and cash discounts you forfeit by financing.
How is interest calculated on a loan?
For amortized installment loans (the type this calculator handles): monthly interest = current balance × annual rate / 12. For credit cards: similar but compounding may be daily. For some short-term loans: simple interest on the original principal.
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Last reviewed: · Methodology based on US building code standards, contractor pricing surveys, and manufacturer specifications.