Loan Calculator
Work out the monthly payment, total interest and total cost of a personal loan, student loan or any other fixed-rate installment loan.
Monthly payment$415.17
- Total interest
- $4,910.03
- Total paid
- $24,910.03
- Number of payments
- 60
Payment on common loan amounts
At 9% APR over 5 years:
| Loan amount | Monthly payment | Total interest |
|---|---|---|
| $5,000 | $103.79 | $1,227.51 |
| $10,000 | $207.58 | $2,455.01 |
| $15,000 | $311.38 | $3,682.52 |
| $20,000 | $415.17 | $4,910.03 |
| $30,000 | $622.75 | $7,365.04 |
| $50,000 | $1,037.92 | $12,275.07 |
How it works
The payment uses the standard amortization formula, which spreads principal and interest evenly over every month of the term.
Early payments are mostly interest; later payments are mostly principal.
Tips
- Shorter terms cost more per month but much less in total interest.
- Compare loans by APR, not just the interest rate. APR includes most fees.
- Paying a little extra every month goes straight to principal and shortens the loan.
Frequently asked questions
Does paying extra each month help?
Yes. Extra payments go to principal, which cuts the interest charged in every month after. Try shortening the term above to see the effect on total interest.
Results are estimates for planning only and are not financial advice.