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Simple loan payment calculator

May 27, 2025

Your monthly payment:

$ 733.76

Compare Loan Rates
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How to use this calculator

  1. Enter the following information for your loan

    • Principal is the amount of money you are borrowing.

    • Interest is the amount you are charged per month for borrowing money, expressed as a percent.

    • Number of years, also known as the loan term, is the period of time you plan to borrow the money. Typically, choosing a longer term will lead to smaller monthly payments while a shorter term will lead to larger monthly payments. The longer your term, the more interest you will pay on your loan.

  2. Click "Calculate"

    You will see your monthly payment on the right side of the calculator.

  3. Click “Compare loan rates”

    Goes to Bankrate's Best Personal Loan Rates page to view rates and terms from various lenders.

How to make the most of this calculator

A simple loan calculator is a useful tool to see if a loan is what you need for your situation. It can help you understand how much it costs to borrow money and what your monthly payments could look like. 

With this calculator, you can estimate the following:

  • How much you can afford to borrow
  • How much you need to budget for a monthly payment
  • How much you can lower your monthly payment
  • How much you can save by lowering your interest rate
  • How much you can save by paying off your loan faster

Use your results

Bankrate's simple loan payment calculator can help you in several ways:

1. Budget for monthly payments

If you're thinking about taking out a loan, you can estimate your monthly payments. This can help you budget for your new loan ahead of time.

2. Save by lowering your interest rate

Are you wondering if you could save money by refinancing your loan or consolidating debt? Simply enter your current principal and term with a new interest rate to see estimated savings.

3. Lower your monthly payments

Changing the loan term in this calculator will show you how much a longer loan term could reduce your monthly payments. This could help if you're struggling with high monthly payments on your current loan.

4. Save by paying off your loan faster

You can save money on interest payments by paying off your loan early. But can you afford the higher monthly payment? Change the number of years in this calculator to find out.

5. Compare multiple loan offers

Are you choosing between two or more loans with different terms? By entering the data for each loan into Bankrate's calculator, you can compare monthly payments and overall cost to determine which loan best aligns with your long-term financial goals.

What is a good loan rate?

Average loan rates vary based on the type of loan, the type of lender you choose and whether you have a good credit score. Because rates can vary so much, it's important to compare different lenders and calculate your costs before choosing a loan.

Typically, you will get a better rate with a higher credit score, which is based on factors like your payment history, the types of credit you have and your debt-to-income (DTI) ratio.

While the difference between two rates may seem small, it could add up to hundreds of dollars over the life of your loan. The table below shows how slightly varying interest rates can affect your monthly payment with the principal at $10,000 and the loan term at 5 years.

Interest rate Monthly payment Total interest
6.87 $197.40 $1,843.95
8.99 $207.54 $2,452.10
9.95 $212.22 $2,733.47

Next steps for your loan journey

When you're ready to take out your loan, Bankrate has the expertise you need to simplify the process. Here are some next steps to consider:

Other Bankrate loan calculators

Bankrate offers a range of calculators to help you manage your finances better.

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