How to Use This Loan Calculator
Enter your desired loan amount, the Annual Percentage Rate (APR) you've been offered, the repayment term in months, and any origination fee. The calculator shows your monthly payment and the true total cost of the loan.
What is APR vs Interest Rate?
The interest rate is the base cost of borrowing. The APR (Annual Percentage Rate) includes the interest rate plus additional fees — making it the true cost of the loan. Always compare APRs, not just interest rates, when shopping for loans.
Q: What is a good APR for a personal loan?
A good personal loan APR is typically 6–13% for borrowers with good to excellent credit. Rates above 20% are considered high and usually indicate a lower credit score or an unsecured high-risk loan. Compare at least 3 lenders before accepting any offer.
Q: How can I lower my loan interest rate?
Improve your credit score before applying, apply with a co-signer, offer collateral, choose a shorter loan term, or shop around with multiple lenders. Credit unions often offer lower rates than traditional banks.