Loan Calculator: Compare Personal, Auto, and Student Loan Payments
Published: 2026-05-07 · 7 min read
Whether you're financing a car, consolidating debt, or paying for education, understanding your loan payments is crucial for financial planning.
Understanding Loan Payments
Every loan payment consists of two parts: principal reducing what you owe and interest the cost of borrowing. The balance between these shifts over the life of the loan.
Loan Payment Formula
Monthly Payment = P × r1+r^n / 1+r^n – 1
Where:
- P = Loan amount
- r = Monthly interest rate APR ÷ 12
- n = Number of monthly payments
Comparison: Loan Types
| Loan Type | Typical APR | Term | Secured? |
|-----------|------------|------|----------|
| Personal loan | 6-36...
Try the free tool: Loan Calculator
More articles | All tools