How the calculators work

The rules all six calculators share

All six calculators use the same conventions, the ones US lenders use for fixed-rate installment loans:

• Rates are annual and compounded monthly. A 12% rate means 1% a month (12% ÷ 12) charged on the balance you still owe.
• Payments are monthly and level. Every payment is the same, except the last one, which can differ by a few cents.
• Money is rounded to the cent at each step, the way a lender’s schedule is.
• Everything runs in your browser. The numbers you type are not sent to Lendmira unless you choose to continue to the rate check from a calculator.
• Schedules stop at 600 months (50 years). If a payment does not even cover the monthly interest, the calculator tells you the balance would never be paid off.

The examples on this page come from running the calculators themselves.

Loan payment calculator

The loan payment calculator uses the standard formula for a level payment:

Payment = P × r ÷ (1 − (1 + r)⁻ⁿ)

where P is the amount borrowed, r is the monthly rate (the annual rate ÷ 12, as a decimal) and n is the number of monthly payments. The result is rounded to the cent. At 0%, the payment is simply P ÷ n.

Example: $10,000 at 12% for 36 months gives a payment of $332.14. Over the full term you pay $11,957.18, of which $1,957.18 is interest.

The calculator treats the rate you enter as the loan’s interest rate. If your loan has an origination fee, the APR calculator shows what the fee adds.

Amortization schedule

The amortization schedule builds the loan month by month:

1. Interest for the month = the balance × the monthly rate, rounded to the cent.
2. The part of the payment that reduces the balance = the payment − that interest.
3. The new balance = the old balance − that part.

Because the level payment is rounded to the cent, a few cents are left over or missing at the end. The last payment absorbs them: it is whatever clears the balance, plus that month’s interest. Any payment that would leave less than $1 owed clears the loan. In the example above, payments 1 to 35 are $332.14 and payment 36 is $332.28.

APR calculator

APR (annual percentage rate) is the yearly cost of a loan including certain fees, not just the interest rate. Our guide to APR vs. interest rate explains the difference. The APR calculator follows the actuarial method that Regulation Z, the federal Truth in Lending rule, sets out in its Appendix J:

1. The payment is calculated on the loan amount, plus the fees if they are added to the loan.
2. The amount financed is the money you actually get the use of: the loan amount, minus the fees if they are taken out of what you receive.
3. The finance charge is the total of all payments minus the amount financed.
4. The APR is the monthly rate at which the payments, discounted back to today, are worth exactly the amount financed, multiplied by 12. There is no formula for that rate, so the calculator finds it numerically, to well under 0.001 of a percentage point.

Example: a $10,000 loan at 12% for 36 months with a $500 origination fee taken out of the proceeds. You receive $9,500, pay $332.14 a month and repay $11,957.18. The finance charge is $2,457.18 and the APR is about 15.60%, well above the 12% rate. Our guide to origination fees explains why that matters.

The calculator assumes the first payment is due one month after you get the money and that all periods are equal. A lender’s disclosure can differ slightly when the first period is longer or shorter. Regulation Z generally treats a disclosed APR as accurate if it is within 1/8 of a percentage point of the exact figure on a regular loan. Your lender’s Truth in Lending disclosure is the figure that counts.

Debt consolidation calculator

The debt consolidation calculator compares two paths.

Keep paying as you are. Each debt is run through its own schedule at its own APR and the payment you make today. The calculator adds up the interest still to come and finds the month the last debt is paid off. If any payment does not cover its debt’s interest, it reports that the debt would not pay off at that payment.

Take one loan. Many consolidation loans take the origination fee out of the money you receive. So the calculator sizes the loan so that what is left after the fee pays off every balance:

Loan amount = total balances ÷ (1 − fee %)

The fee in dollars is the loan amount minus the balances. The payment and interest come from the loan payment formula above, and the loan’s cost is its interest plus the fee. The savings are the interest you would pay on the current path minus that cost. The calculator also shows how your monthly payment changes.

Example: $6,000 at 24% paid at $180 a month and $4,000 at 22% paid at $120 a month take 56 months and $6,225.09 of interest to pay off. A 36-month loan at 14% with a 5% fee has to be $10,526.32 (a $526.32 fee) to leave $10,000 for the balances. It costs $359.76 a month and $2,951.59 in interest and fees, so it saves $3,273.50 but raises the monthly payment by $59.76.

The comparison assumes you stop adding to the old debts. If the cards fill up again, the savings disappear.

Loan affordability calculator

The loan affordability calculator works the payment formula backward. You enter the monthly payment you can carry, the APR and the term, and it finds the largest loan that payment repays:

Loan amount = Payment × (1 − (1 + r)⁻ⁿ) ÷ r

The result is rounded down to whole dollars and then reduced, if needed, until the rounded monthly payment is not more than your budget. If you enter an origination fee, the calculator shows it as a percentage of the loan and subtracts it from what you would actually receive.

Example: $300 a month at 15% for 36 months supports an $8,654 loan with a payment of $299.99. With a 5% fee of $432.70, you would receive $8,221.30.

The calculator does not decide what you can afford. It only shows what a budget buys. Lenders also look at your debt-to-income ratio, which our sister site explains in its debt-to-income guide.

Early payoff calculator

The early payoff calculator builds two schedules for the balance you owe today: one at your current payment, and one with an extra amount every month and, if you enter one, a one-time lump sum paid with your next payment. All extra money goes to the balance. The difference between the two schedules gives the months and the interest you save.

Example: a $10,000 balance at 12% with a $332.14 payment takes 36 months. Adding $100 a month pays it off in 27 months, 9 months sooner, and saves $526.25 in interest.

The calculator assumes your loan has no prepayment penalty and that your servicer applies extra payments to principal. Check both with your servicer before you pay extra.

Where our rate figures come from

Federal Reserve data

Market averages come from the Federal Reserve’s G.19 Consumer Credit release, the official source for rates on consumer loans at commercial banks. The release of October 7, 2026, with data for August 2026, reports these average rates:

Loan type	Average rate
Personal loan, 24 months, commercial banks	11.90%
New car loan, 72 months	7.17%
Credit card plans, all accounts	21.19%
Credit card accounts assessed interest	22.36%

Federal credit unions are limited to an 18% APR ceiling on most loans, which the NCUA Board has extended through September 10, 2027.

Lender disclosures

To see what lenders actually charge, we read the APR ranges, fees and terms lenders publish on their own websites and in their required disclosures. We use them to describe the market, not to promote any lender.

Indicative APR ranges by credit level

Across the site, we use one set of indicative APR ranges for unsecured personal loans, so that every page tells the same story:

Credit range	Score	Indicative APR
Excellent	740 and up	7%–13%
Good	670–739	12%–20%
Fair	580–669	18%–30%
Poor	Below 580	28%–36%

These ranges are built from the Federal Reserve averages and from lenders’ published rate ranges. They describe where many offers fall, not what you will be offered. Your rate also depends on your income, your debts, the loan amount and term, and the lender. Some borrowers are offered rates outside these ranges, and some are not offered a loan. The top of the poor-credit range is 36% because 36% is a common ceiling in state small-loan laws, the cap the federal Military Lending Act sets on covered loans to service members, and a limit many mainstream lenders set for themselves. Lower-cost options for people with weak credit are covered on our bad credit page.

When a page shows a calculator with starting values, such as an amount, an APR and a term, those values are typical for that kind of loan. They are a starting point for your own numbers, not an offer.

How we research state law pages

Each of our state pages summarizes the rules on consumer loan rates, payday and title loans, debt collection deadlines and wage garnishment. To build and update them:

1. We start from the state’s own statutes and regulations and from the website of the state’s financial regulator or attorney general.
2. We check rate caps, loan limits and deadlines against the text of the law, not against secondary summaries or lender marketing.
3. Where the law is unclear, has exceptions, or was recently changed, the page says so.
4. Each page lists its sources and the date we checked them.
5. When we learn of a new law, rule or court decision, we recheck the page and log the change on Law and rate changes.

A state page is a summary for consumers, not legal advice. Before you rely on a legal point, confirm it with the regulator named on the page or with an attorney licensed in your state.

Questions about the math

If a result looks wrong, tell us on the contact page with the numbers you entered. We will check it. Our Editorial policy explains how we correct errors.