Loan Payment Calculator

Find the monthly payment on a fixed-rate loan, what it will cost in total interest, and how a different term or extra payments would change that. Every figure comes with a full amortization schedule. It works for any fixed-rate loan repaid in equal monthly payments, such as a car, personal, student or home loan; for a mortgage it covers principal and interest only.

Loan details

The yearly rate on your loan, e.g. 7.25.

Loan term

Added to every payment and applied to principal.

Shows your payoff date.

$506.91/month · $5,414.59 total interest. See full results

Example: $25,000.00 at 8% for 5 years. Enter your loan details to update.

Your estimate

Monthly payment
$506.91
60 payments at 8% interest
Total interest
$5,414.59
Total of payments
$30,414.59
Paid off
5 years
Where your payments go
  • Principal: $25,000.00 (82.2%)
  • Interest: $5,414.59 (17.8%)

Principal and interest only, before any fees, taxes or insurance.

Extra payments

Add an extra monthly payment above to see how much interest and time it could save.

Compare loan terms

A shorter term raises the monthly payment but cuts total interest.

Same loan amount and rate over different terms

TermMonthly paymentTotal interestInterest vs. your term
3 years $783.41$3,202.73−$2,211.86
4 years $610.32$4,295.51−$1,119.08
5 years (yours) $506.91$5,414.59—
6 years $438.33$6,559.83+$1,145.24
7 years $389.66$7,731.05+$2,316.46

Amortization schedule

Amortization by year, with the required payment

YearPaidPrincipalInterestEnding balance
Year 1 $6,082.92$4,236.00$1,846.92$20,764.00
Year 2 $6,082.92$4,587.59$1,495.33$16,176.41
Year 3 $6,082.92$4,968.36$1,114.56$11,208.05
Year 4 $6,082.92$5,380.73$702.19$5,827.33
Year 5 $6,082.92$5,827.33$255.59$0.00
Show all 60 monthly payments

Every monthly payment, with the required payment

Payment #PaymentPrincipalInterestBalance
1 $506.91$340.24$166.67$24,659.76
2 $506.91$342.51$164.40$24,317.25
3 $506.91$344.79$162.11$23,972.45
4 $506.91$347.09$159.82$23,625.36
5 $506.91$349.41$157.50$23,275.95
6 $506.91$351.74$155.17$22,924.21
7 $506.91$354.08$152.83$22,570.13
8 $506.91$356.44$150.47$22,213.69
9 $506.91$358.82$148.09$21,854.87
10 $506.91$361.21$145.70$21,493.66
11 $506.91$363.62$143.29$21,130.04
12 $506.91$366.04$140.87$20,764.00
13 $506.91$368.48$138.43$20,395.51
14 $506.91$370.94$135.97$20,024.57
15 $506.91$373.41$133.50$19,651.16
16 $506.91$375.90$131.01$19,275.26
17 $506.91$378.41$128.50$18,896.85
18 $506.91$380.93$125.98$18,515.92
19 $506.91$383.47$123.44$18,132.45
20 $506.91$386.03$120.88$17,746.42
21 $506.91$388.60$118.31$17,357.82
22 $506.91$391.19$115.72$16,966.63
23 $506.91$393.80$113.11$16,572.83
24 $506.91$396.42$110.49$16,176.41
25 $506.91$399.07$107.84$15,777.34
26 $506.91$401.73$105.18$15,375.61
27 $506.91$404.41$102.50$14,971.21
28 $506.91$407.10$99.81$14,564.11
29 $506.91$409.82$97.09$14,154.29
30 $506.91$412.55$94.36$13,741.74
31 $506.91$415.30$91.61$13,326.44
32 $506.91$418.07$88.84$12,908.38
33 $506.91$420.85$86.06$12,487.52
34 $506.91$423.66$83.25$12,063.86
35 $506.91$426.48$80.43$11,637.38
36 $506.91$429.33$77.58$11,208.05
37 $506.91$432.19$74.72$10,775.86
38 $506.91$435.07$71.84$10,340.79
39 $506.91$437.97$68.94$9,902.82
40 $506.91$440.89$66.02$9,461.93
41 $506.91$443.83$63.08$9,018.10
42 $506.91$446.79$60.12$8,571.31
43 $506.91$449.77$57.14$8,121.54
44 $506.91$452.77$54.14$7,668.78
45 $506.91$455.78$51.13$7,212.99
46 $506.91$458.82$48.09$6,754.17
47 $506.91$461.88$45.03$6,292.29
48 $506.91$464.96$41.95$5,827.33
49 $506.91$468.06$38.85$5,359.26
50 $506.91$471.18$35.73$4,888.08
51 $506.91$474.32$32.59$4,413.76
52 $506.91$477.48$29.43$3,936.28
53 $506.91$480.67$26.24$3,455.61
54 $506.91$483.87$23.04$2,971.73
55 $506.91$487.10$19.81$2,484.64
56 $506.91$490.35$16.56$1,994.29
57 $506.91$493.61$13.30$1,500.68
58 $506.91$496.91$10.00$1,003.77
59 $506.91$500.22$6.69$503.55
60 $506.91$503.55$3.36$0.00

How the monthly payment is calculated

For a fixed-rate loan repaid in equal monthly installments, the payment is:

Payment = P × r × (1 + r)n ÷ ((1 + r)n − 1)

  • P is the amount borrowed.
  • r is the monthly interest rate: the annual rate ÷ 100 ÷ 12.
  • n is the number of monthly payments.

At a 0% rate the payment is simply P ÷ n.

Worked example: borrowing $25,000.00 at 8% for 60 months gives r = 0.006667 and a payment of $506.91. Over 60 payments you repay $30,414.59, of which $5,414.59 is interest.

Why early payments are mostly interest

Each month, interest is charged on the balance you still owe: balance × r. The rest of the payment reduces the balance. In the example, the first payment of $506.91 is $166.67 interest and $340.24 principal. As the balance falls, the interest share shrinks and more of each payment goes to principal. The amortization schedule above shows this month by month.

How the loan term changes what you pay

Stretching the same loan over more months lowers the payment, but interest is charged for longer, so total interest rises. The term comparison above uses your amount and rate so you can see that trade-off directly before choosing a term.

How extra payments are modeled

The extra amount is added to every monthly payment from the first one and applied entirely to principal. The required payment stays the same, so the loan finishes early and the final payment is smaller. Some lenders apply extra money to future payments instead, so ask your servicer to apply it to principal. Whether you can pay early without a penalty depends on your contract and state law, and your Truth in Lending disclosure says whether a prepayment penalty applies (CFPB: prepaying a loan).

Assumptions and limitations

  • Fixed interest rate for the whole term, with 12 equal monthly payments per year.
  • Monthly interest is the annual rate divided by 12, applied to the remaining balance.
  • Origination fees, taxes, insurance, late fees and other lender charges are not included. For a loan with an origination fee, use the personal loan calculator; for a car with sales tax, fees and a trade-in, use the auto loan calculator.
  • An APR includes fees as well as interest, so it is usually higher than the interest rate (CFPB: interest rate vs. APR). Entering an APR gives an approximate payment; the exact payment depends on the interest rate and the amount financed on your loan documents.
  • Amounts are calculated at full precision and rounded to cents only for display, so a lender's figures may differ by a few cents. The final payment is adjusted to the remaining balance.
  • Results are estimates, not a loan offer, approval or financial advice.

Methodology and testing

The calculator uses a standalone, tested calculation engine that is kept separate from this page. Automated tests check it against known results, for example a $300,000 loan at 6.5% for 30 years has a payment of $1,896.20. They also check that every schedule pays the balance to zero and that principal plus interest equals each payment. Your inputs are processed in your browser and are not sent to a server. Read how we build and test calculators.

Sources

  • Auto Loan Calculator

    Car payment with tax, fees and trade-in, or the car price a monthly budget affords; amount financed, term comparison and amortization.

  • Personal Loan Calculator

    Payment, cash received after an origination fee, fee-adjusted APR, cost of borrowing, term comparison and amortization.

  • Mortgage Refinance Calculator

    New payment, true break-even that counts the balance owed, savings if you sell after N years, and a full-term comparison.

  • HELOC Payment Calculator

    Draw-period and repayment payments, the payment jump when repayment starts, rate what-ifs and a yearly schedule.

  • Loan Payoff Calculator

    Payoff date and interest saved with monthly, yearly or lump-sum extras, and the extra needed to be debt-free by a set time.