What is the difference between secured and unsecured loans?

Secured loans are backed by collateral (like a car or house), which typically results in lower interest rates. Unsecured loans have no collateral, making them riskier for lenders and resulting in higher interest rates.

How does my credit score affect my loan rate?

Credit scores significantly impact loan rates. Excellent credit (740+) gets the best rates, while poor credit (below 580) may result in much higher rates or loan denial. Even a 50-point difference can affect your rate.

Should I choose a shorter or longer loan term?

Shorter terms mean higher monthly payments but less total interest paid. Longer terms have lower monthly payments but cost more over time. Choose based on your budget and how quickly you want to be debt-free.

Can I pay off my loan early?

Most loans allow early payoff, but some have prepayment penalties. Check your loan terms. Paying extra toward principal can save significant interest over the loan term.

Loan Calculator – Personal & Business Loan Payment Calculator

Calculate loan payments for personal loans, business loans, and more. Get instant results with our free loan payment calculator.

Loan Calculator – Personal & Business Loan Payment Calculator

Calculate loan payments for personal loans, business loans, and more. Get instant results with our free loan payment calculator.

Loan Amount*

Total amount to borrow

Interest Rate (%)*

Annual interest rate

Loan Term (years)*

Length of the loan

$500

Monthly Payment

$25,000

Principal

$5,000

Total Interest

Understanding Loan Payments

A loan calculator helps you determine your monthly payment amount based on the loan principal, interest rate, and term. This is essential for budgeting and comparing different loan offers.