Loan Calculator

If you’re thinking about borrowing money for a home, a college education or a car, you will want to make sure you are not getting in over your head financially. Use this loan calculator to see how much you can afford to spend.

Enter a loan amount, an annual percentage rate, and a term in years or months to view your estimated monthly payment, number of installments and total interest owed. The amortization table breaks down how much principal and interest you will pay off each month.

Compare repayment options and costs, and look at how different APRs can affect your payment. Keep in mind that the interest rate environment as well as your credit, income, loan type and lender will also influence the cost of a loan. Regardless, this calculator will help you understand your costs and your payoff date to know whether to begin loan shopping.

When you’re ready to look at loans, narrow your search to U.S. News’ best-rated loan companies. Lenders are evaluated based on affordability, eligibility and customer service, and the highest-scoring ones are considered the best.

Check your credit report and credit score before you shop to determine whether you are eligible for the loan you want. Good credit can help you qualify for low interest rates and other favorable loan terms. A low debt-to-income ratio is also important.

Set a budget for your monthly payment. You might get a lower interest rate if you select a secured loan backed by collateral such as your home, but you risk losing your property if you default.

Compare offers from at least a few different lenders before you apply for a loan. Prequalify, if possible, to obtain estimated rates and loan terms without a hard inquiry, which can temporarily ding your credit score. Completing a loan application will trigger a hard inquiry, and your rate and terms may change from when you prequalified.

A private student loan is a financing option for postsecondary education issued by a bank, credit union and other private sources. Private student loans require an established credit record or a co-signer but could offer higher limits and lower rates than federal loans if you have good credit. They don’t come with federal protections, such as loan forgiveness programs and repayment plans. Shop around and prequalify to view rates before you borrow. For more help choosing the right private loan, see the U.S. News guide to the Best Private Student Loans.

A debt consolidation loan combines multiple debts from credit cards, loans and other bills into a personal loan with one monthly payment. The idea is to lower the interest you pay, which may save you money and speed up your debt payoff. Prequalify with a soft credit inquiry for a sneak peek at loan costs and to compare your options. Assess APRs, lender fees – avoid steep origination fees – and account features, such as the ability to schedule payments or access credit management resources. Research U.S. News’ Best Debt Consolidation Loans as you evaluate lenders for the best fit.

A personal loan is a lump sum of money you borrow from a bank or other lender and then repay with interest in monthly installments over a fixed term. Consider APRs, fees and customer service reviews when evaluating lenders. Check that the lender offers the loan type you need, whether that’s a bad credit loan, a debt consolidation loan, an emergency loan or a home renovation loan. Prequalify to view loan estimates and help you narrow down your choice of affordable options. U.S. News’ guide to the Best Personal Loans can help you choose the right lender for you.

A mortgage is an agreement between you and a lender allowing you to borrow money to purchase or refinance a home and permitting the lender to take your property if you can’t pay. Focus on finding a mortgage that is affordable with your other financial obligations and not the maximum amount you can borrow. Make sure to add homeowners insurance and property taxes to your monthly payment to estimate how much you can reasonably afford. Depending on the size of your down payment, you might also need to pay private mortgage insurance. U.S. News’ guide to the Best Mortgage Lenders can help with your search for lenders with competitive rates.

An auto loan is a type of installment loan used to purchase a vehicle and secured by the vehicle as collateral. You will repay the loan in fixed installments with interest over a fixed term and will typically need at least good credit for a favorable rate. Borrowers can choose from dealer financing, a bank or credit union, or an online lender. The best fit will depend on your credit and your desired loan amount and vehicle. Compare rates, terms and fees as well as monthly payments. See the U.S. News guide to the Best Auto Loan Rates and Lenders for more help as you shop for a car loan.