Loan Payment Calculator
Before signing any loan, know exactly what it will cost you. Enter the loan amount, interest rate, and term to see your monthly payment, total interest, and get a Worth It Score based on your loan's true cost.
Sponsored
Check your credit score to qualify for the lowest loan rates available
Learn More about SmartCredit →We may earn a commission if you click this link. See our disclosure.
Frequently Asked Questions
How is a loan monthly payment calculated?
Your monthly payment is calculated using the loan amount, interest rate, and term. The formula accounts for compound interest so that each payment covers both interest and principal, with more going to principal over time as the balance decreases.
What is a good interest rate for a personal loan in 2026?
A good personal loan rate in 2026 is generally below 12% APR. Excellent credit (750+) can qualify for rates of 6-10%. Average credit (650-700) typically sees 12-20%. Anything above 25% should be a red flag — consider improving your credit first.
Is it better to get a shorter or longer loan term?
Shorter terms save money on interest but have higher monthly payments. Longer terms lower monthly payments but cost significantly more in total interest. Rule of thumb: choose the shortest term where the monthly payment fits comfortably in your budget.
Should I pay off my loan early?
Usually yes, if there is no prepayment penalty. Paying extra each month goes directly to principal, reducing the total interest paid. Even an extra $50/month on a $15,000 loan can save hundreds in interest and cut months off the term.