Loan Payment Calculator
Find the monthly payment and total cost of any fixed-rate loan.
A preset label — you can adjust every field freely.
Any amount above the scheduled payment goes straight to principal.
Results
Monthly payment
$512.91
Scheduled payment, principal and interest
Total interest
$5,774.84
Over 5 years
Total repaid
$30,774.60
Principal plus all interest
Interest as share of total
18.76%
Amortization schedule
| # | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $512.91 | $177.08 | $335.83 | $24,664.17 |
| 2 | $512.91 | $174.70 | $338.21 | $24,325.96 |
| 3 | $512.91 | $172.31 | $340.60 | $23,985.36 |
| 4 | $512.91 | $169.90 | $343.02 | $23,642.34 |
| 5 | $512.91 | $167.47 | $345.45 | $23,296.89 |
| 6 | $512.91 | $165.02 | $347.89 | $22,949.00 |
| 7 | $512.91 | $162.56 | $350.36 | $22,598.64 |
| 8 | $512.91 | $160.07 | $352.84 | $22,245.80 |
| 9 | $512.91 | $157.57 | $355.34 | $21,890.46 |
| 10 | $512.91 | $155.06 | $357.86 | $21,532.61 |
| 11 | $512.91 | $152.52 | $360.39 | $21,172.22 |
| 12 | $512.91 | $149.97 | $362.94 | $20,809.27 |
| 24 | $512.91 | $117.89 | $395.02 | $16,248.12 |
| 36 | $512.91 | $82.97 | $429.94 | $11,283.81 |
| 48 | $512.91 | $44.97 | $467.94 | $5,880.70 |
| 60 | $512.91 | $3.61 | $509.31 | $0.00 |
Showing the first 12 payments and then each 12th payment to keep the table readable. Every row is calculated from the standard amortization formula.
Loan summary
- Principal borrowed
- $25,000.00
- Monthly interest rate
- 0.7083%
- Number of payments
- 60
- Total interest
- $5,774.84
- Total repaid
- $30,774.60
How to use the loan payment calculator
The loan payment calculator shows exactly what a fixed-rate loan costs you over its full life, not just the number that lands in your inbox when you apply. It works for personal loans, auto loans, student loans, and any other instalment loan with a fixed rate and a fixed number of payments.
Enter the loan amount you are borrowing, the annual interest rate you have been quoted, and the term in years. The calculator then applies the standard amortisation formula to work out your monthly payment: the part that covers interest shrinks each month, and the part that reduces what you owe grows, until the balance reaches zero on the final payment.
The amortization schedule below is the part most online calculators hide. It lists every payment, how much of it went to interest, how much went toward your principal, and what you still owed at the end of that period. Looking at the first three rows is usually the fastest way to understand where your money is actually going in the early years of a loan.
Adding an extra monthly payment shows you the most underused feature of any loan. Because extra payments go straight to principal, they cut the total interest far more than you might expect and shorten the term substantially. The calculator reports both the interest saved and the number of months removed, so you can see the trade-off directly: a lower monthly payment versus a shorter, cheaper loan.
When comparing offers, put the same amount and term through the calculator at each rate. A small difference in APR can translate into hundreds or thousands of dollars over the life of the loan, and this table makes that visible. It is also worth checking whether a shorter term with a higher monthly payment is affordable, since the total cost is usually lower.
A note on accuracy: this calculator assumes a fixed rate, monthly payments, and no fees, prepayment penalties, rate resets, or insurance costs. For a quick, dependable comparison between options it is more than adequate. For a binding decision, ask your lender for their own amortisation figure, which will include any fees that apply to your situation.
Frequently asked questions
How is a monthly loan payment calculated?
The standard formula is M = P × r(1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the number of payments. This calculator applies that formula and then generates a full schedule showing how each payment splits between interest and principal.
What is the difference between an amortized and a simple-interest loan?
An amortized loan repays both interest and principal with every payment, and the schedule is back-loaded towards principal over time. A simple-interest loan charges interest on the outstanding balance but does not require the principal to be repaid on a fixed schedule, which is common for some personal and commercial loans.
Does paying extra actually reduce total interest?
Yes, and often by more than you would expect. Extra payments are applied entirely to principal, which lowers the balance on which the next month's interest is calculated. Because interest is charged on the outstanding balance, reducing the balance early compounds into a large saving over the life of the loan.
Should I choose a shorter loan term?
A shorter term almost always costs less in total interest, because you borrow for less time. The trade-off is a higher monthly payment. Whether that is affordable depends on your cash flow, so the most useful comparison is the total interest figure at each term, which this calculator shows side by side.
What happens if I miss a payment?
Missing a payment typically results in a late fee, and after enough time the lender may repossess the collateral and report the delinquency to credit bureaus. This calculator does not model late fees or collections. If you are at risk of missing a payment, contact your lender directly as early as possible, since hardship arrangements are often available.
Does this include origination fees or other charges?
No. This calculator covers principal and interest only, which is what APR is designed to summarise when fees are rolled in. If a lender quotes you a rate plus separate fees, run the calculation with the rate and amount you would actually receive after fees, and compare that against alternatives.
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