Loan Calculator

Our free loan calculator helps you estimate your monthly payment before you apply. Simply adjust the sliders above to match your desired loan amount, expected interest rate, and repayment term. The calculator instantly shows you what you'd pay each month, plus the total cost over the life of your loan.

What Factors Affect Your Monthly Payment?

Three main factors determine your monthly loan payment: the principal amount you borrow, the annual percentage rate (APR) you're offered, and how long you take to repay. A higher loan amount or interest rate means larger monthly payments. Extending your loan term lowers monthly payments but increases the total interest you'll pay over time.

Your credit score plays a huge role in the rate you're offered. Borrowers with scores above 700 typically qualify for rates between 6-12%, while those with lower scores might see rates from 18-36%. That's why checking your rate without affecting your credit (a "soft pull") is so valuable—you can compare offers before committing.

Tips for Getting Better Rates

• Check your credit report first. Dispute any errors that might be dragging down your score. Even a 20-point improvement can unlock better rates.
• Compare multiple lenders. Rates vary significantly between lenders. Our network includes dozens of partners, so you can see competitive offers in minutes.
• Consider a shorter term. While your monthly payment will be higher, you'll pay significantly less in total interest. Use the calculator above to see the difference.
• Avoid borrowing more than you need. It's tempting to take extra "just in case," but every dollar borrowed accrues interest. Borrow only what you'll actually use.
• Time your application wisely. If you're close to paying off existing debt or expecting a credit score boost, waiting a month could save you hundreds in interest.

Remember, the numbers from any loan calculator are estimates. Your actual rate depends on your unique financial profile, employment stability, and the lender's current offerings. The best way to know your real rate? Click "Check Your Real Rate" above to see personalized offers without impacting your credit score.