Free loan calculator: calculate monthly payments, total interest, and total cost for personal loans, auto loans, and more. Compare bi-weekly vs monthly payments. No sign-up required.
A loan calculator determines your monthly payment, total interest cost, and full amortization schedule for any fixed-rate amortizing loan — including personal loans, auto loans, debt consolidation, student loans, and business loans.
Each monthly payment is split into two components: interest (the cost of borrowing) and principal (the amount that reduces your balance). Early in the term, a larger share goes toward interest; over time, more goes toward principal — a process called amortization.
This calculator also supports extra payments and alternative payment frequencies (bi-weekly or weekly), which can significantly reduce total interest and shorten your loan term. The origination fee slider accounts for upfront lender fees deducted from the loan proceeds.
Your monthly payment is calculated using the loan amount, interest rate, and loan term. The formula amortizes the loan so each payment covers both interest and principal.
The total interest depends on the loan amount, interest rate, and term length. A higher rate or longer term means more total interest.
Yes, most personal loans allow early repayment. Paying extra each month reduces the principal faster and saves on total interest.
More frequent payments (bi-weekly or weekly) reduce the principal faster because interest accrues over shorter periods. Bi-weekly payments result in 26 half-payments per year, equivalent to 13 full monthly payments - effectively one extra payment annually. This can save significant interest over the loan term.
Both use amortization to calculate payments, but mortgages are secured by real estate and typically have lower interest rates and longer terms. Personal loans are usually unsecured with higher rates and shorter terms (1-7 years).