Loan payment calculator
Enter an amount, rate, and term to see your monthly payment, then see what a few points off the APR would save you.
Estimated monthly payment
$278.26
- Total interest
- $3,356.48
- Total repaid
- $13,356.48
What a lower rate would change
Same amount and term, with the APR reduced. Illustrative only: your offers depend on the lender and your profile.
| APR | Monthly payment | Monthly change | Interest saved |
|---|---|---|---|
| 12.99% | $268.23 | −$10.03 | $481.44 |
| 10.99% | $258.41 | −$19.85 | $952.80 |
| 8.99% | $248.80 | −$29.46 | $1,414.08 |
| 6.99% | $239.42 | −$38.84 | $1,864.32 |
Calculator questions
How is the monthly payment calculated?
The calculator uses the standard fixed-rate amortization formula: the loan is repaid in equal monthly installments that cover each month’s interest and a growing share of principal. It does not include origination fees, which some lenders deduct from the amount you receive.
Why compare APR instead of the interest rate?
APR rolls the interest rate and certain lender fees into a single yearly cost, so it is the fairer number for comparing offers. The Consumer Financial Protection Bureau recommends comparing APRs when shopping for credit.
Does a shorter term always cost less?
A shorter term usually means a higher monthly payment but less total interest, because you borrow the money for fewer months. Try different terms above to see the trade-off for your amount.
Are these numbers a quote?
No. They are estimates for planning. Actual rates, fees, and approval depend on the lender and your credit profile, and getlowinterestloans.com does not make credit decisions.
Want to lower your rate? Read our guides on what affects your personal loan APR, or compare offers from lenders in our network.