Loan Calculator
Calculate the monthly payment, total interest and full repayment schedule for a personal, student or business loan. Free loan calculator.
- Total interest
- 4,331.67
- Total of all payments
- 24,331.67
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | 3,388.80 | 1,477.53 | 16,611.20 |
| 2 | 3,670.07 | 1,196.26 | 12,941.13 |
| 3 | 3,974.69 | 891.65 | 8,966.44 |
| 4 | 4,304.58 | 561.75 | 4,661.86 |
| 5 | 4,661.86 | 204.47 | 0.00 |
How loan payments are calculated
Most personal, student and business loans are amortizing: you pay the same amount every month, and each payment covers that month's interest first, with the rest reducing the balance. Early payments are mostly interest; later ones are mostly principal. Enter the amount, the yearly interest rate and the term to see the monthly payment, the total interest over the life of the loan, and a schedule by year or month. Compare offers by their total cost, not just the monthly payment: a longer term lowers the payment but usually costs much more interest.
How to use it
- 1
Enter the loan amount
The amount you'll borrow.
- 2
Add the rate and term
The yearly interest rate (APR) and the length of the loan in years and months.
- 3
Review the cost
See the monthly payment, total interest and the repayment schedule.
Frequently asked questions
What's the formula for a monthly loan payment?
Payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly rate (yearly rate ÷ 12) and n the number of months.
What's the difference between APR and interest rate?
APR includes fees as well as interest, so it's the better number for comparing loans. Enter the APR here for a more realistic total cost.
Does paying extra each month help?
Yes. Extra payments go straight to principal, which cuts the interest and the term. The Amortization Calculator shows exactly how much you'd save.
Is anything sent to a server?
No. Everything is calculated in your browser, and nothing you type is stored or sent anywhere.