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LOAN CALCULATOR

This loan calculator will help you determine the monthly payments on a loan.
Simply enter the loan amount, term and interest rate in the fields below and
click calculate. 
The Bankrate loan calculator helps borrowers calculate amortized loans. These
are loans that are paid off in regular installments over time, with fixed
payments covering both the principal amount and interest. Our calculator shows
you the total cost of a loan, expressed as the annual percentage rate, or APR.
Loan calculators can answer questions and help you make good financial
decisions.
Loan amount
Loan term in years
Or
Loan term in months
Interest rate per year
Calculate

Monthly payments

$ 93.22

Total principal paid $5,000
Total interest paid $592.91
Compare loan rates Show amortization schedule
Add extra payments


Without taking out loans, many of us would not be able to buy a home, a car or
afford a higher education. Mortgages, auto loans and other types of loans can
help us to advance and reach important goals in our lives.
 
The cost of a loan depends on the type of loan, the lender, the market
environment and your credit history and income. Before you shop for a loan, get
your credit report and credit score for free on Bankrate so you can elimate
lenders you are not eligible for. Borrowers with the best credit profile usually
get the best interest rates.
 
All loans are either secured or unsecured. A secured loan requires the borrower
to put up an asset as collateral to secure the loan for the lender. An auto loan
is an example of a secured loan. If you don’t make your car payments, the lender
will repossess the car. An unsecured loan requires no collateral. Most personal
loans are unsecured.
 
While shopping for any loan, it’s a good idea to use a loan calculator. A
calculator can help you narrow your search for a home or car by showing you how
much you can afford to pay each month. It can help you compare loan costs and
see how differences in interest rates can affect your payments, especially with
mortgages. The right loan calculator will show you the total cost of a loan,
expressed as the annual percentage rate, or APR. Loan calculators can answer a
lot of questions and help you make good financial decisions.
 


CALCULATORS FOR LOAN TYPES

Here are some details about the most common types of loans and the loan
calculators that can help you in the process.
 


MORTGAGE

Bankrate’s mortgage calculator gives you a monthly payment estimate after you
input the home price, your down payment, the interest rate and length of the
loan term. Use the calculator to price different scenarios. You might discover
you need to adjust your down payment to keep your monthly payments affordable.
You can also see the loan amortization schedule, or how your debt is reduced
over time with monthly principal and interest payments. If you want to pay off a
mortgage before the loan term is over, you can use the calculator to figure out
how much more you must pay each month to achieve your goal.
 
Other mortgage calculators can answer a variety of questions: What is your DTI,
or debt-to-income ratio? That’s a percentage that lenders look at to gauge your
debt load. Should you take out a 15-year mortgage or a 30-year? Fixed interest
rate or variable?
 
It’s critical to nail down the numbers before buying a home because a mortgage
is a secured loan that is secured by the home itself. If you fail to make the
monthly payments, the lender can foreclose and take your home.
 


HOME EQUITY LOAN

Home equity loans, sometimes called second mortgages, are for homeowners who
want to borrow some of their equity to pay for home improvements, a dream
vacation, college tuition or some other expense. A home equity loan is a
one-time, lump-sum loan, repaid at a fixed rate, usually over five to 20 years.
Bankrate’s home equity calculator helps you determine how much you might be able
to borrow based on your credit score and your LTV, or loan-to-value ratio, which
is the difference between what your home is worth and how much you owe on it.
 


HOME EQUITY LINE OF CREDIT (HELOC)

A HELOC is a home equity loan that works more like a credit card. You are given
a line of credit that can be reused as you repay the loan. The interest rate is
usually variable and tied to an index such as the prime rate. Our home equity
calculators can answer a variety of questions, such as: 
 * Should you borrow from home equity? 
 * If so, how much could you borrow? 
 * Are you better off taking out a lump-sum equity loan or a HELOC? 
 * How long will it take to repay the loan?

 


AUTO LOAN

An auto loan is a secured loan used to buy a car. The auto loan calculator lets
you estimate monthly payments, see how much total interest you’ll pay and the
loan amortization schedule. The calculator doesn’t account for costs such as
taxes, documentation fees and auto registration. Plan on adding about 10 percent
to your estimate.
 


STUDENT LOAN

A student loan is an unsecured loan from either the federal government or a
private lender. Borrowers must qualify for private student loans. If you don't
have an established credit history, you may not find the best loan. Bankrate’s
student loan calculator will show you how long it will take to pay off your loan
and how much interest it will cost you. The college savings calculator will help
you set savings goals for the future.
 


PERSONAL LOAN

A personal loan is an unsecured, lump-sum loan that is repaid at a fixed rate
over a specific period of time. It is a flexible loan because it can be used to
consolidate debt, pay off higher-interest credit cards, make home improvements,
pay for a wedding or a vacation, buy a boat, RV or make some other big purchase.
The personal loan calculator lets you estimate your monthly payments based on
how much you want to borrow, the interest rate, how much time you have to pay it
back, your credit score and income.
 
If you have some combination of good to excellent credit, a low debt-to-income
ratio, steady income and assets, you can probably qualify for most types of
loans. Use loan calculators to answer your questions and help you compare
lenders so you get the best loan for your financial situation.



BANKRATE RECOMMENDS

TYPES OF PERSONAL LOANS AND THEIR USES

Loans come in many forms and are used for different purposes. Have an idea of
what kind of loan is right for you before you apply.

HOW TO CALCULATE LOAN INTEREST

Your monthly payment is not just a percentage of what you borrowed: it also
includes the interest. To get a better idea of how much your payments will be,
learn how to calculate your loan interest.

WHAT YOU NEED TO KNOW ABOUT YOUR CREDIT SCORE

Before you apply for any type of loan, you should know your credit score and why
it matters to help you find lenders that will work for you.


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