10 free tools

Free Loan Calculators (2026)

Q: What is the formula for calculating a loan payment?

The standard amortization formula is M = P x [r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the principal, r is the monthly interest rate (annual rate divided by 12), and n is the number of monthly payments. Every loan calculator on this page applies this formula instantly.

Q: What credit score do I need to get a loan?

Requirements vary by loan type. Mortgages generally need 620+ for conventional loans, auto loans can be approved at 500+ but with high rates, and personal loans typically start around 600. The best rates go to scores of 740+. Your score determines both approval and pricing.

Q: What is the difference between APR and interest rate?

The interest rate is the cost of borrowing the principal. The APR includes the rate plus lender fees and other costs expressed as an annual percentage. APR is always equal to or higher than the rate and is the better number for comparing loans.

Q: Should I choose a shorter or longer loan term?

Shorter terms have higher payments but far less total interest. Longer terms lower the payment but multiply interest. A good rule: choose the shortest term whose payment fits your budget. Compare both in the calculator, and pay attention to total interest, not just the monthly number.

Q: How can I get the lowest loan interest rate?

Improve your credit score before applying, shop multiple lenders including credit unions, compare APRs rather than rates, choose a shorter term, and add a co-signer if needed. For mortgages and auto loans, getting pre-approved lets you compare offers without affecting your score multiple times.

Estimate monthly payments, total interest and payoff timelines for mortgages, auto loans, personal loans, student loans and refinancing. Every tool uses the standard amortization formula, is free, and needs no login.

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Updated for 2026

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Key Summary

Loan calculators determine your monthly payment, total interest and payoff timeline for any type of borrowing. The basic formula is M = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly rate, and n is the number of payments. Free loan calculators for mortgage, auto, personal, student and refinance loans are available below, no login needed.

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Loan Calculators - All Free Tools

Mortgage Calculator

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Estimate monthly payments with principal, interest, taxes, insurance and PMI.

Key inputs: Home price, Down payment, Interest rate

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Auto Loan Calculator

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Plan car payments with trade-in value, sales tax and loan terms.

Key inputs: Vehicle price, Down payment, Interest rate

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Personal Loan Calculator

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Compare monthly payments and total cost for personal loans.

Key inputs: Loan amount, Interest rate, Term

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Student Loan Calculator

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Estimate payments and total interest for federal and private student loans.

Key inputs: Loan balance, Interest rate, Repayment plan

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Loan Payoff Calculator

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See how extra payments shorten your term and cut total interest.

Key inputs: Balance, Rate, Extra payment

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Refinance Calculator

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Compare your current loan against a new rate and term to find savings.

Key inputs: Current balance, New rate, Closing costs

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Student Loan Forgiveness Calculator

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Project balance and payments through verified federal forgiveness reference milestones.

Key inputs: Balance, Payment, Program reference

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Home Affordability Calculator

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Estimate a home-price range from income, debts, down payment, rate and housing costs.

Key inputs: Income, Debts, Down payment

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Rent vs Buy Calculator

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Compare modeled buyer equity and renter investments over a chosen horizon.

Key inputs: Rent, Home price, Rate

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Car Depreciation Calculator

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Project vehicle value using a user-entered depreciation rate.

Key inputs: Price, Current value, Rate

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Understanding Loan Calculations: How the Math Works

Every installment loan uses the same amortization formula. Your monthly payment stays fixed, but the split between principal and interest changes over the life of the loan. Early payments go mostly to interest; later payments go mostly to principal. This front-loading of interest is why the interest rate matters so much: a small rate difference compounds into a very large total cost difference.

Rate on $300K, 30 years	Monthly payment	Total interest
4%	$1,432	$215,608
6%	$1,799	$347,515
6.8%	$1,956	$404,103
8%	$2,201	$492,478

Going from 4% to 8% more than doubles the interest you pay, which is why the mortgage calculator, auto loan calculator and every other tool here show total interest prominently.

Types of Loans and When to Use Each

Mortgages are secured by the home and offer the lowest rates because the collateral reduces lender risk. Auto loans are also secured by the vehicle. Personal loans are unsecured, so rates run higher, and they suit debt consolidation and major purchases. Student loans, federal ones especially, offer flexible repayment and forgiveness options no private loan can match. Business loans fund equipment, inventory and growth. Choosing the right type is the first step; the second is comparing terms, because term length changes both the payment and the total cost.

Loan type	Typical rate (2026)	Typical term
Mortgage (30-yr fixed)	6.8%	30 years
New auto	7.1%	60 months
Personal	11.5%	36 months
Federal student	6.54%	10 years
Credit card (revolving)	21.5%	Revolving

The True Cost of Borrowing: What Lenders Do Not Advertise

The advertised rate is not the full story. The APR includes lender fees and other costs, so it is always the better comparison number. Beyond APR, the term determines total cost: a longer term lowers the payment but multiplies interest. On a $25,000 auto loan at 7%, a 48-month term costs about $3,720 in interest while a 72-month term costs about $5,720. Always compare the total cost of the loan, not just the monthly payment, and use the tools on this page to see the lifetime numbers before you sign.

How Your Credit Score Affects Every Loan You Take

Credit score is the largest single factor in the rate you are offered, across every loan type. Higher scores signal lower risk and unlock lower rates; the difference between a 660 and a 760 score can cost tens of thousands of dollars on a mortgage. The table below shows typical 2026 pricing tiers.

Credit score	Mortgage (30-yr)	New auto (60-mo)	Personal (36-mo)
760+	about 6.0%	about 4.8%	about 9%
700-759	about 6.4%	about 6.7%	about 12%
660-699	about 6.7%	about 9.8%	about 16%
620-659	about 7.1%	about 13.2%	about 21%

Improving your score by even 50 points before applying can save thousands in interest. Check your report, pay down balances and correct errors before you shop.

2026 Average Loan Rates by Type

Loan type	Average rate (2026)	Typical term
30-year fixed mortgage	6.8%	30 years
15-year fixed mortgage	6.1%	15 years
New auto loan	7.1%	60 months
Used auto loan	11.3%	60 months
Personal loan	11.5%	36 months
Federal student loan	6.54%	10 years
Credit card	21.5%	Revolving

Rates move with the Federal Reserve and vary by credit profile, lender and loan type. Use the calculators above to price any scenario with your own numbers.