Loan Calculator
Estimate your monthly payment, total interest, and when you'll be debt-free.
Monthly payment:
Total paid:
Total interest:
Payoff date:
Amortization over the loan term
How to use this calculator
Enter the loan amount, annual interest rate and term in years, then press Calculate. The monthly payment, total paid and total interest appear instantly, along with an amortization chart showing your balance over the life of the loan.
Worked example
A $25,000 loan at 7% over 5 years costs about $495 a month. Stretch the same loan to 7 years and the payment drops to roughly $375 - but you pay interest for two extra years. The tool shows the payment for your amount, rate and term, so you can see the true trade-off between a low payment and total cost.
What the result means
This is an amortizing loan payment: each month you pay interest on the remaining balance plus a piece of principal, so the loan shrinks to zero exactly at the end of the term. Every rate and term pair produces its own payment and its own total interest.
Payment vs total cost
- Longer terms mean smaller payments but more total interest.
- Shorter terms mean bigger payments but far less interest paid.
- A point of rate on a five-year loan is worth more than it looks in monthly terms.
Frequently asked questions
Does this work for any loan type?
Yes - any fixed-rate, equal-payment loan: auto, personal, student or mortgage. Adjustable loans change the rate later and need a different model.
Before signing, check for fees that change the real cost: origination charges, prepayment penalties or a rate that only applies with autopay. The payment formula assumes the full amount at the advertised rate for the whole term, so adjust the inputs to match any extra fees you actually pay.