How is a loan payment calculated?
For a fixed rate loan, the monthly payment is the loan amount times the monthly rate, divided by 1 minus (1 + monthly rate) to the power of minus the number of months.
Calculators
Loan Calculator
See the monthly payment, total interest and payoff date for any loan.
Runs in your browser: nothing you enter is uploaded
$
%
The APR or yearly rate on your offer.
$
Paying a little more saves interest.
Monthly payment
$500.95
for 5 years
Total interest
$5,056.92
Total paid $30,056.92
Loan amount
$25,000.00
Payments
60
Paid off
November 2031
Interest share
17%
Payment schedule
| Year | Principal | Interest | Balance left |
|---|---|---|---|
| 1 | $4,281.58 | $1,729.81 | $20,718.42 |
| 2 | $4,613.97 | $1,397.42 | $16,104.46 |
| 3 | $4,972.16 | $1,039.22 | $11,132.29 |
| 4 | $5,358.16 | $653.22 | $5,774.13 |
| 5 | $5,774.13 | $237.25 | $0.00 |
How it works
1
Enter the loan
Type the amount, the yearly interest rate and how long the loan lasts.
2
Add extra payments
Optionally add an extra amount each month to see how much you save.
3
See the results
Monthly payment, total interest, payoff date and a full payment schedule.
Loan Calculator features
- Monthly payment for any fixed rate loan.
- Total interest and total amount paid.
- Payoff date and number of payments.
- Extra payment savings in interest and time.
- Amortization schedule by year or by month.
- Works for car loans, personal loans and student loans.
Loan Calculator FAQ
How much do extra payments save?
Enter an amount in Extra payment each month. The calculator shows the interest saved and how much sooner the loan is paid off.
Is APR the same as the interest rate?
Not exactly. APR also includes some fees. Using the APR gives a closer estimate of the true cost.
Is this financial advice?
No. It is an estimate to help you compare. Check the final numbers with your lender.
Related Calculators
Percentage CalculatorWork out percentages, percent change, and add or take off a percent.Age CalculatorFind exact age in years, months and days, plus the next birthday.Date CalculatorCount the days between two dates, or add and subtract days, weeks and months.Mortgage CalculatorEstimate your monthly mortgage payment with taxes, insurance, PMI and HOA.
Recent from the blog
JPG vs PNG vs WebP: Which Image Format Should You Use? (2026 Guide)
JPG, PNG, and WebP all store images, but picking the wrong one gives you blurry photos, huge files, or lost transparency. Here is exactly when to use each, in plain English.
Read guide →How to Compress a PDF Without Losing Quality (2026 Guide)
A large PDF is a pain to email or upload, but most compressors either barely shrink it or turn your crisp text into a blurry mess. Here is how to reduce PDF file size while keeping it looking clean.
Read guide →How to Merge PDF Files for Free (2026 Guide)
Combining several PDFs into one file used to mean paid software or uploading private documents to a stranger server. Here is the faster, safer way to merge PDF files for free.
Read guide →