Loan/Credit Calculator: Estimate Your Monthly Payments & Total Loan Cost
23.08.2025Use our Loan/Credit Calculator to quickly estimate monthly payments, total interest, and overall loan cost. This free tool helps you compare different loan terms, interest rates, and repayment schedules to make smarter borrowing decisions.
📝 How to Use the Loan/Credit Calculator
- Enter your loan amount (principal).
- Enter the annual interest rate (%) for your loan.
- Select the repayment term in months or years.
- Click Calculate to see your monthly payment, total interest, and total cost.
- Adjust values to compare different loan scenarios and find the most affordable option.
📊 Loan Payment Formula
Our Loan/Credit Calculator uses the standard amortizing loan formula:
M = P × r × (1 + r)n / ((1 + r)n − 1)- P = loan amount (principal)
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of payments (months)
This formula works for personal, auto, and student loans.
📌 Example Loan Calculations
🔹 Personal Loan
$10,000 loan, 10% interest, 36 months → $322.67/month, total interest ≈ $1,616, total cost ≈ $11,616.
🔹 Auto Loan
$20,000 loan, 6% interest, 60 months → $386.66/month, total interest ≈ $3,199, total cost ≈ $23,199.
💡 Tips to Save on Loan Interest
- 📉 Improve your credit score for lower interest rates.
- ⏳ Choose a shorter loan term to pay less interest overall.
- 🏦 Compare offers from multiple lenders.
- 💳 Make extra payments to reduce total interest.
❓ Frequently Asked Questions
What is a Loan/Credit Calculator?
A Loan/Credit Calculator helps you estimate monthly payments, total interest, and loan cost before applying for credit.
Can I use this for different types of loans?
Yes, this calculator works for personal loans, auto loans, and student loans. Try it now: Loan/Credit Calculator.
How can I lower my monthly payments?
Reduce the loan amount, extend the term, or qualify for a lower interest rate. Longer terms lower monthly payments but may increase total interest.
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