🚗 Auto Loan Calculator
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💡 Auto Loan Tip: A larger down payment reduces your loan amount and total interest paid. Aim for at least 20% down to avoid being "underwater" on your loan. A shorter term means higher payments but significant interest savings.
Auto Loan FAQ
For new cars, a good APR is typically 5–7% for borrowers with good credit (700+). Used car loans usually carry rates of 6–12%. Credit unions often offer lower rates than dealerships. Always shop around and get pre-approved before visiting the lot.
Yes — a down payment of 10–20% is recommended. It lowers your monthly payment, reduces the total interest you pay, and helps prevent negative equity (owing more than the car is worth). Some lenders also require a minimum down payment.
Trading in your old vehicle reduces the amount you need to finance. Its value is applied like a down payment toward your new car purchase, reducing your loan amount and monthly payments.
The total cost includes the vehicle price, sales tax, dealer fees, and the total interest paid over the life of the loan. Our calculator includes all these factors so you can see the true cost of your purchase.
💳 Personal Loan Calculator
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💡 Personal Loan Tip: Personal loan rates vary widely by credit score. With excellent credit (750+), you may qualify for rates as low as 6–8%. Watch out for origination fees — they can significantly increase your effective APR. Compare lenders at LendingTree, SoFi, or your local credit union.
Personal Loan FAQ
Most lenders require a minimum score of 580–600, but the best rates go to borrowers with scores of 720+. With a score below 640, you may face higher rates or need a co-signer. Check your score for free at Credit Karma or AnnualCreditReport.com before applying.
An origination fee is a one-time charge (typically 1–8% of the loan) that lenders deduct from the loan proceeds or add to the balance. It covers the cost of processing your loan. Always calculate the APR including fees to compare loans accurately.
For large purchases or debt consolidation, a personal loan is usually better than a credit card because: (1) the interest rate is typically lower, (2) the payment is fixed and predictable, and (3) you have a clear payoff date. Credit cards are better for small, short-term expenses you can pay off quickly.
🎓 Student Loan Calculator
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💡 Student Loan Tip: Federal student loan rates for 2024–2025: Undergrad subsidized/unsubsidized 6.53%, Grad unsubsidized 8.08%, PLUS loans 9.08%. Interest accrues during the grace period on unsubsidized and private loans — consider making interest-only payments while in school.
Student Loan FAQ
Subsidized loans: the government pays the interest while you're in school at least half-time, during the grace period, and during deferment. Unsubsidized loans: interest starts accruing immediately from disbursement. Over 4 years of school + 6 month grace period, this can add thousands to your balance.
The Standard 10-year plan minimizes total interest paid. Income-Driven Repayment (IDR) plans cap payments at 10–20% of discretionary income and offer loan forgiveness after 20–25 years. If you work in public service, PSLF forgives federal loans after 10 years of qualifying payments.
There's no prepayment penalty on federal student loans. Paying extra toward principal reduces total interest significantly. However, if your interest rate is low (under 5%), you might get better returns investing the extra money in index funds. Compare your loan rate to expected investment returns.
Amortization Schedule
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| Calculate a loan above to see the schedule | ||||