Loan Calculator
Work out the monthly payment on any fixed-rate loan. Enter the amount you are borrowing, the annual interest rate and the term, then see the payment, total interest and a year-by-year payoff schedule.
How to use the loan calculator
- Enter the loan amount and the annual interest rate.
- Choose whether the term is in years or months, then set the length.
- Review the monthly payment, total interest and the yearly payoff schedule.
Examples
A $25,000 car loan at 7% over 5 years
Amount 25000, rate 7%, term 5 years
Monthly payment about $495, total interest about $4,702
Frequently asked questions
How is the monthly loan payment calculated?
It uses the standard amortization formula. The annual rate is divided by 12 for a monthly rate, then the payment is set so that equal monthly amounts repay the principal plus interest exactly over the term you enter.
What is the difference between simple interest and an amortized loan?
Simple interest charges a flat percentage on the original balance. An amortized loan, which this calculator models, charges interest on the remaining balance each month, so the interest portion shrinks and the principal portion grows as you pay it down.
How do I see the total interest I will pay?
The total interest figure is the sum of every monthly payment minus the amount you borrowed. A longer term or a higher rate both increase the total interest, even when the monthly payment looks affordable.
Does paying extra each month reduce the cost?
Yes. Because interest is charged on the outstanding balance, any extra payment goes straight to principal, shortens the term and cuts the total interest. This tool shows the scheduled payment, so treat anything above it as faster payoff.
Can I enter the term in months instead of years?
Yes. Use the toggle to switch between years and months. The math converts everything to months internally, so a 5 year term and a 60 month term give exactly the same result.
Is this calculator free and private?
Yes. It is free to use and runs entirely in your browser, so the numbers you enter are never uploaded or stored.
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