This loan calculator will help you determine your monthly payments for different types of loans.
Enter your loan amount, terms, and annual interest
rate, then select Calculate.
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Loan Calculator FAQs
What does a loan calculator
Our loan repayment calculator gives you an idea of what to expect should you decide to take out a loan..
It helps determine:
- Your remaining loan balance
- Your monthly loan payment amount
- How different interest rates affect your loan balance
- How much interest you'll pay over the life of your loan
- The total cost of your loan
- How long it will take to pay off
- How your loan amount affects interest rates
When is it a good idea to take out a loan?
Loans can be helpful in a variety of situations, as they can help you make purchases that you may otherwise not be able to immediately afford. Many people elect to use loans to pay for big purchases, such as a house or car. Others use loans to help fund college education, or to reduce existing debt, such as high-interest credit
What are the different types
All loans are either secured or unsecured.
Secured loans are tied to collateral assets, such as a car or a home. With a secured loan, you are leveraging your personal property to obtain the funds. Generally, the higher the value of the property, the larger the loan, but lenders will also consider your credit history. If you default on making payments on a secured loan, then the lender can take possession of your property.
Examples of secured loans include:
- Auto loans
- Savings accounts
Unsecured loans are not tied to personal property. If you default on payments for an unsecured loan, the lender is not able to automatically take possession of
Examples of unsecured loans include:
- Student loans
- Credit cards
- Personal loans
What determines the overall cost of
Interest rates significantly impact the total cost of a loan. The higher your interest rate, the higher the cost of the loan. Lenders consider a variety of factors when determining interest rate, including your income, credit score, and debt-to-income (DTI) ratio. To learn what these three important numbers are for you, sign up for Mint (it’s free!). You can also calculate what your monthly payments might be by using our loan
How does my credit score affect my
Your credit score helps lenders evaluate your credit history. They look at how you’ve managed any past or existing loans, credit cards, or mortgages. The higher your credit score, the more likely you are to qualify for lower interest rates. You can see your credit score for free by signing up for Mint.
What is the difference between APR
Annual Percentage Rate (APR) is the yearly interest rate, plus any additional fees, that a lender charges you for a loan. APR is typically higher than the loan’s stated interest rate, as the additional fees are reflected in
Annual Percentage Yield (APY) is the yearly interest rate that you earn on a bank account or investment. It also factors in compound interest, which is the interest earned on both the principal dollar amount, and the interest that’s already accrued on