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Loan Payment Calculator
Plan your budget before you apply. See exactly what your monthly payments would be with our easy-to-use calculator.
Calculate Your Monthly Payment
Your actual APR depends on your credit profile and the lender's assessment.
Your Estimated Payment Breakdown
⚠️ Calculator Disclaimer
This calculator provides estimates only for educational purposes. Actual loan offers, APR rates, terms, and monthly payments may vary based on your credit profile, income verification, and the lending partner's criteria. The results shown are not a guarantee of approval or specific loan terms. Always review the actual loan agreement before accepting any offer.
Sample Monthly Payments
See how different loan amounts and terms affect your monthly payment at various APR rates.
| Loan Amount | Term | APR 9.99% | APR 19.99% | APR 29.99% |
|---|---|---|---|---|
| $1,000 | 6 months | $171.56 | $175.53 | $179.57 |
| $1,000 | 12 months | $87.92 | $92.63 | $97.52 |
| $2,500 | 12 months | $219.79 | $231.58 | $243.79 |
| $2,500 | 18 months | $150.38 | $161.07 | $172.28 |
| $5,000 | 18 months | $300.76 | $322.14 | $344.55 |
| $5,000 | 24 months | $230.72 | $252.91 | $276.55 |
*These are example calculations for illustration purposes only. Actual payments depend on approved terms.
Understanding Your Loan Costs
Knowledge is power. Learn what goes into your loan payment so you can make informed decisions.
Principal Amount
The principal is the actual amount you borrow. If you take out a $2,500 loan, that's your principal. This is the base amount that interest is calculated on, and it's what you're ultimately paying back to the lender over time.
Interest & APR
APR (Annual Percentage Rate) represents the yearly cost of borrowing, including interest and fees. A lower APR means less cost over the life of your loan. Your credit score, income, and loan term all affect your APR offer.
Loan Term
The loan term is how long you have to repay. Longer terms mean smaller monthly payments but more total interest paid. Shorter terms mean higher monthly payments but you pay less interest overall and become debt-free faster.
Short Term vs. Long Term: A Real Example
$2,000 Loan @ 24.99% APR
6 Month Term
Monthly Payment: $357.54
Total Interest: $145.24
Total Repayment: $2,145.24
$2,000 Loan @ 24.99% APR
24 Month Term
Monthly Payment: $105.15
Total Interest: $523.60
Total Repayment: $2,523.60
The difference: $378.36 more in interest for the longer term, but $252.39 lower monthly payment. Choose based on your budget!
How to Get Better Loan Terms
Improve your chances of getting approved with lower rates using these strategies.
Check Your Credit Report
Review your credit report for errors before applying. Disputing inaccuracies can boost your score. You're entitled to one free report annually from each bureau at AnnualCreditReport.com.
Lower Credit Utilization
Keep your credit card balances below 30% of your limits. High utilization signals risk to lenders. Paying down balances before applying can improve your rate offer.
Stable Income Helps
Lenders love consistent income. If you've been at your job for a while, that works in your favor. Have recent pay stubs or bank statements ready to verify income.
Borrow What You Need
Don't borrow more than necessary. Smaller loan amounts are easier to get approved for and come with lower monthly payments. Calculate your actual need first.
Choose Shorter Terms
If you can afford higher monthly payments, shorter loan terms often come with lower APRs. You'll also pay significantly less in total interest over the loan's life.
Complete Application Fully
Incomplete applications get rejected. Double-check all fields, provide accurate information, and have all required documents ready before you start the application.
Calculator FAQs
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