Loan Calculator
Find the monthly payment on a fixed-rate loan, the total interest you will pay, and how each payment splits between interest and the balance.
The yearly rate on your offer. If it lists an interest rate and an APR, use the interest rate here: the APR also counts fees.
Monthly payment
$500.95
60 payments on $25,000 at 7.5%; the last one is $500.91 because of rounding.
| Loan amount | $25,000.00 |
|---|---|
| Total interest20.2% of the amount borrowed | +$5,056.96 |
| Total of all payments | $30,056.96 |
Amortization schedule
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $6,011.40 | $1,729.81 | $4,281.59 | $20,718.41 |
| 2 | $6,011.40 | $1,397.43 | $4,613.97 | $16,104.44 |
| 3 | $6,011.40 | $1,039.22 | $4,972.18 | $11,132.26 |
| 4 | $6,011.40 | $653.24 | $5,358.16 | $5,774.10 |
| 5 | $6,011.36 | $237.26 | $5,774.10 | $0.00 |
Every payment, month by month
| Payment | Amount | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $500.95 | $156.25 | $344.70 | $24,655.30 |
| 2 | $500.95 | $154.10 | $346.85 | $24,308.45 |
| 3 | $500.95 | $151.93 | $349.02 | $23,959.43 |
| 4 | $500.95 | $149.75 | $351.20 | $23,608.23 |
| 5 | $500.95 | $147.55 | $353.40 | $23,254.83 |
| 6 | $500.95 | $145.34 | $355.61 | $22,899.22 |
| 7 | $500.95 | $143.12 | $357.83 | $22,541.39 |
| 8 | $500.95 | $140.88 | $360.07 | $22,181.32 |
| 9 | $500.95 | $138.63 | $362.32 | $21,819.00 |
| 10 | $500.95 | $136.37 | $364.58 | $21,454.42 |
| 11 | $500.95 | $134.09 | $366.86 | $21,087.56 |
| 12 | $500.95 | $131.80 | $369.15 | $20,718.41 |
| 13 | $500.95 | $129.49 | $371.46 | $20,346.95 |
| 14 | $500.95 | $127.17 | $373.78 | $19,973.17 |
| 15 | $500.95 | $124.83 | $376.12 | $19,597.05 |
| 16 | $500.95 | $122.48 | $378.47 | $19,218.58 |
| 17 | $500.95 | $120.12 | $380.83 | $18,837.75 |
| 18 | $500.95 | $117.74 | $383.21 | $18,454.54 |
| 19 | $500.95 | $115.34 | $385.61 | $18,068.93 |
| 20 | $500.95 | $112.93 | $388.02 | $17,680.91 |
| 21 | $500.95 | $110.51 | $390.44 | $17,290.47 |
| 22 | $500.95 | $108.07 | $392.88 | $16,897.59 |
| 23 | $500.95 | $105.61 | $395.34 | $16,502.25 |
| 24 | $500.95 | $103.14 | $397.81 | $16,104.44 |
| 25 | $500.95 | $100.65 | $400.30 | $15,704.14 |
| 26 | $500.95 | $98.15 | $402.80 | $15,301.34 |
| 27 | $500.95 | $95.63 | $405.32 | $14,896.02 |
| 28 | $500.95 | $93.10 | $407.85 | $14,488.17 |
| 29 | $500.95 | $90.55 | $410.40 | $14,077.77 |
| 30 | $500.95 | $87.99 | $412.96 | $13,664.81 |
| 31 | $500.95 | $85.41 | $415.54 | $13,249.27 |
| 32 | $500.95 | $82.81 | $418.14 | $12,831.13 |
| 33 | $500.95 | $80.19 | $420.76 | $12,410.37 |
| 34 | $500.95 | $77.56 | $423.39 | $11,986.98 |
| 35 | $500.95 | $74.92 | $426.03 | $11,560.95 |
| 36 | $500.95 | $72.26 | $428.69 | $11,132.26 |
| 37 | $500.95 | $69.58 | $431.37 | $10,700.89 |
| 38 | $500.95 | $66.88 | $434.07 | $10,266.82 |
| 39 | $500.95 | $64.17 | $436.78 | $9,830.04 |
| 40 | $500.95 | $61.44 | $439.51 | $9,390.53 |
| 41 | $500.95 | $58.69 | $442.26 | $8,948.27 |
| 42 | $500.95 | $55.93 | $445.02 | $8,503.25 |
| 43 | $500.95 | $53.15 | $447.80 | $8,055.45 |
| 44 | $500.95 | $50.35 | $450.60 | $7,604.85 |
| 45 | $500.95 | $47.53 | $453.42 | $7,151.43 |
| 46 | $500.95 | $44.70 | $456.25 | $6,695.18 |
| 47 | $500.95 | $41.84 | $459.11 | $6,236.07 |
| 48 | $500.95 | $38.98 | $461.97 | $5,774.10 |
| 49 | $500.95 | $36.09 | $464.86 | $5,309.24 |
| 50 | $500.95 | $33.18 | $467.77 | $4,841.47 |
| 51 | $500.95 | $30.26 | $470.69 | $4,370.78 |
| 52 | $500.95 | $27.32 | $473.63 | $3,897.15 |
| 53 | $500.95 | $24.36 | $476.59 | $3,420.56 |
| 54 | $500.95 | $21.38 | $479.57 | $2,940.99 |
| 55 | $500.95 | $18.38 | $482.57 | $2,458.42 |
| 56 | $500.95 | $15.37 | $485.58 | $1,972.84 |
| 57 | $500.95 | $12.33 | $488.62 | $1,484.22 |
| 58 | $500.95 | $9.28 | $491.67 | $992.55 |
| 59 | $500.95 | $6.20 | $494.75 | $497.80 |
| 60 | $500.91 | $3.11 | $497.80 | $0.00 |
This is an estimate to help you plan, not financial advice. Your bank, lender or plan may round, time or charge things differently.
How this is calculated
The payment comes from the standard formula for a loan paid off in equal monthly payments: payment = P × r ÷ (1 − (1 + r)−n), where P is the amount borrowed, r the yearly rate divided by 12, and n the number of months.
Example: $25,000 at 7.5% for 5 years. r = 0.075 ÷ 12 = 0.00625 and n = 60, so the payment is $500.95. In the first month, interest is $25,000 × 0.00625 = $156.25, and the other $344.70 pays down the loan. Each month the balance is smaller, so less goes to interest and more to the balance. Over 60 payments the interest adds up to $5,056.96.
The calculator rounds the payment and each month's interest to the cent. The last payment takes what is left, so it can differ by a few cents or dollars.
Interest rate or APR? The APR is the interest rate plus fees charged with the loan, such as origination charges, according to the Consumer Financial Protection Bureau. The payment depends on the interest rate, so use that here; compare offers by their APR. The calculator does not include insurance, taxes, late fees or extra payments, and it assumes the rate stays the same.
Monthly payment per $10,000 borrowed
| Term | 5% | 7.5% | 10% | 15% |
|---|---|---|---|---|
| 2 years | $438.71 | $450.00 | $461.45 | $484.87 |
| 3 years | $299.71 | $311.06 | $322.67 | $346.65 |
| 4 years | $230.29 | $241.79 | $253.63 | $278.31 |
| 5 years | $188.71 | $200.38 | $212.47 | $237.90 |
| 6 years | $161.05 | $172.90 | $185.26 | $211.45 |
| 7 years | $141.34 | $153.38 | $166.01 | $192.97 |
| 10 years | $106.07 | $118.70 | $132.15 | $161.33 |
Sources
Checked against the sources below on .
Questions people ask
How do I calculate a monthly loan payment?
Use payment = P × r ÷ (1 − (1 + r)^−n), with the yearly rate divided by 12 as r and the number of months as n. $25,000 at 7.5% for 60 months is $500.95 a month.
How much interest will I pay on a loan?
Multiply the payment by the number of payments and subtract the amount borrowed. On $25,000 at 7.5% for 5 years that is $5,056.96.
Does a longer loan cost more?
At the same rate, yes: the payment is lower but you pay interest for longer. $10,000 at 7.5% costs $1,198.21 in interest over 3 years and $2,884.27 over 7 years.
What is an amortization schedule?
A table of every payment showing how much goes to interest and how much reduces the balance, and what is still owed afterward. Early payments are mostly interest; later ones mostly pay down the loan.
Should I enter the interest rate or the APR?
The interest rate. The APR also includes fees, so it is the better number for comparing offers, but a payment figured with it comes out too high.