Loan Calculator

Free loan calculator: enter amount, rate, and term to get your monthly payment and total interest, with the amortization formula explained.

Loan Amount

, ,

Interest Rate

, ,

Loan Term

years

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months

Options

Compound

Pay Back

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Loan

Payment Every Month: $1,110.21

Total of 120 Payments: $133,224.60

Total Interest: $33,224.60

Interest

Principal

0 yr

5 yr

10 yr

Loan Calculator
№	BEGINNING BALANCE	INTEREST	PRINCIPAL	ENDING BALANCE
1	$100,000.00	$500.00	$610.21	$99,389.79
2	$99,389.79	$496.95	$613.26	$98,776.54
3	$98,776.54	$493.88	$616.32	$98,160.22
4	$98,160.22	$490.80	$619.40	$97,540.81
5	$97,540.81	$487.70	$622.50	$96,918.31
6	$96,918.31	$484.59	$625.61	$96,292.70
7	$96,292.70	$481.46	$628.74	$95,663.96
8	$95,663.96	$478.32	$631.89	$95,032.07
9	$95,032.07	$475.16	$635.04	$94,397.03
10	$94,397.03	$471.99	$638.22	$93,758.81
11	$93,758.81	$468.79	$641.41	$93,117.40
12	$93,117.40	$465.59	$644.62	$92,472.78
13	$92,472.78	$462.36	$647.84	$91,824.94
14	$91,824.94	$459.12	$651.08	$91,173.86
15	$91,173.86	$455.87	$654.34	$90,519.52
16	$90,519.52	$452.60	$657.61	$89,861.91
17	$89,861.91	$449.31	$660.90	$89,201.02
18	$89,201.02	$446.01	$664.20	$88,536.82
19	$88,536.82	$442.68	$667.52	$87,869.30
20	$87,869.30	$439.35	$670.86	$87,198.44
21	$87,198.44	$435.99	$674.21	$86,524.23
22	$86,524.23	$432.62	$677.58	$85,846.64
23	$85,846.64	$429.23	$680.97	$85,165.67
24	$85,165.67	$425.83	$684.38	$84,481.29
25	$84,481.29	$422.41	$687.80	$83,793.49
26	$83,793.49	$418.97	$691.24	$83,102.26
27	$83,102.26	$415.51	$694.69	$82,407.56
28	$82,407.56	$412.04	$698.17	$81,709.40
29	$81,709.40	$408.55	$701.66	$81,007.74
30	$81,007.74	$405.04	$705.17	$80,302.57
31	$80,302.57	$401.51	$708.69	$79,593.88
32	$79,593.88	$397.97	$712.24	$78,881.64
33	$78,881.64	$394.41	$715.80	$78,165.85
34	$78,165.85	$390.83	$719.38	$77,446.47
35	$77,446.47	$387.23	$722.97	$76,723.50
36	$76,723.50	$383.62	$726.59	$75,996.91
37	$75,996.91	$379.98	$730.22	$75,266.69
38	$75,266.69	$376.33	$733.87	$74,532.82
39	$74,532.82	$372.66	$737.54	$73,795.28
40	$73,795.28	$368.98	$741.23	$73,054.05
41	$73,054.05	$365.27	$744.93	$72,309.11
42	$72,309.11	$361.55	$748.66	$71,560.46
43	$71,560.46	$357.80	$752.40	$70,808.05
44	$70,808.05	$354.04	$756.16	$70,051.89
45	$70,051.89	$350.26	$759.95	$69,291.94
46	$69,291.94	$346.46	$763.75	$68,528.20
47	$68,528.20	$342.64	$767.56	$67,760.63
48	$67,760.63	$338.80	$771.40	$66,989.23
49	$66,989.23	$334.95	$775.26	$66,213.97
50	$66,213.97	$331.07	$779.14	$65,434.84
51	$65,434.84	$327.17	$783.03	$64,651.81
52	$64,651.81	$323.26	$786.95	$63,864.86
53	$63,864.86	$319.32	$790.88	$63,073.98
54	$63,073.98	$315.37	$794.84	$62,279.14
55	$62,279.14	$311.40	$798.81	$61,480.34
56	$61,480.34	$307.40	$802.80	$60,677.53
57	$60,677.53	$303.39	$806.82	$59,870.71
58	$59,870.71	$299.35	$810.85	$59,059.86
59	$59,059.86	$295.30	$814.91	$58,244.96
60	$58,244.96	$291.22	$818.98	$57,425.98
61	$57,425.98	$287.13	$823.08	$56,602.90
62	$56,602.90	$283.01	$827.19	$55,775.71
63	$55,775.71	$278.88	$831.33	$54,944.39
64	$54,944.39	$274.72	$835.48	$54,108.90
65	$54,108.90	$270.54	$839.66	$53,269.24
66	$53,269.24	$266.35	$843.86	$52,425.38
67	$52,425.38	$262.13	$848.08	$51,577.30
68	$51,577.30	$257.89	$852.32	$50,724.99
69	$50,724.99	$253.62	$856.58	$49,868.41
70	$49,868.41	$249.34	$860.86	$49,007.54
71	$49,007.54	$245.04	$865.17	$48,142.38
72	$48,142.38	$240.71	$869.49	$47,272.88
73	$47,272.88	$236.36	$873.84	$46,399.04
74	$46,399.04	$232.00	$878.21	$45,520.83
75	$45,520.83	$227.60	$882.60	$44,638.23
76	$44,638.23	$223.19	$887.01	$43,751.22
77	$43,751.22	$218.76	$891.45	$42,859.77
78	$42,859.77	$214.30	$895.91	$41,963.86
79	$41,963.86	$209.82	$900.39	$41,063.48
80	$41,063.48	$205.32	$904.89	$40,158.59
81	$40,158.59	$200.79	$909.41	$39,249.18
82	$39,249.18	$196.25	$913.96	$38,335.22
83	$38,335.22	$191.68	$918.53	$37,416.69
84	$37,416.69	$187.08	$923.12	$36,493.57
85	$36,493.57	$182.47	$927.74	$35,565.83
86	$35,565.83	$177.83	$932.38	$34,633.45
87	$34,633.45	$173.17	$937.04	$33,696.42
88	$33,696.42	$168.48	$941.72	$32,754.69
89	$32,754.69	$163.77	$946.43	$31,808.26
90	$31,808.26	$159.04	$951.16	$30,857.10
91	$30,857.10	$154.29	$955.92	$29,901.18
92	$29,901.18	$149.51	$960.70	$28,940.48
93	$28,940.48	$144.70	$965.50	$27,974.98
94	$27,974.98	$139.87	$970.33	$27,004.65
95	$27,004.65	$135.02	$975.18	$26,029.47
96	$26,029.47	$130.15	$980.06	$25,049.41
97	$25,049.41	$125.25	$984.96	$24,064.45
98	$24,064.45	$120.32	$989.88	$23,074.57
99	$23,074.57	$115.37	$994.83	$22,079.73
100	$22,079.73	$110.40	$999.81	$21,079.93
101	$21,079.93	$105.40	$1,004.81	$20,075.12
102	$20,075.12	$100.38	$1,009.83	$19,065.29
103	$19,065.29	$95.33	$1,014.88	$18,050.41
104	$18,050.41	$90.25	$1,019.95	$17,030.46
105	$17,030.46	$85.15	$1,025.05	$16,005.41
106	$16,005.41	$80.03	$1,030.18	$14,975.23
107	$14,975.23	$74.88	$1,035.33	$13,939.90
108	$13,939.90	$69.70	$1,040.51	$12,899.40
109	$12,899.40	$64.50	$1,045.71	$11,853.69
110	$11,853.69	$59.27	$1,050.94	$10,802.75
111	$10,802.75	$54.01	$1,056.19	$9,746.56
112	$9,746.56	$48.73	$1,061.47	$8,685.09
113	$8,685.09	$43.43	$1,066.78	$7,618.31
114	$7,618.31	$38.09	$1,072.11	$6,546.20
115	$6,546.20	$32.73	$1,077.47	$5,468.72
116	$5,468.72	$27.34	$1,082.86	$4,385.86
117	$4,385.86	$21.93	$1,088.28	$3,297.58
118	$3,297.58	$16.49	$1,093.72	$2,203.87
119	$2,203.87	$11.02	$1,099.19	$1,104.68
120	$1,104.68	$5.52	$1,104.68	$0.00

Loan calculator at a glance#

A loan calculator works out your fixed monthly payment from three inputs: the amount you borrow (the principal), the annual interest rate, and the loan term in months. It uses the amortization formula M = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ − 1], where P is the principal, r is the monthly rate (the annual rate divided by 12), and n is the number of monthly payments.

Worked example. On a $10,000 loan at 8% annual interest over 3 years, the monthly rate r is 0.08 / 12, or about 0.006667, and n is 36 months. Plugging those into the formula gives a monthly payment of about $313.36. Over the full term you pay $313.36 × 36 = $11,281.09, so the total interest is M × n − P = $11,281.09 − $10,000 = $1,281.09.

Loan calculator at a glance
Loan Amount	3-Year Payment (36 mo)	5-Year Payment (60 mo)
$5,000	$152.11	$96.66
$10,000	$304.22	$193.33
$15,000	$456.33	$289.99
$20,000	$608.44	$386.66
$25,000	$760.55	$483.32

The table shows the monthly payment at a 6% annual rate, so a $20,000 loan costs $386.66 a month over 5 years. A lower rate or a longer term lowers each payment, but a longer term adds more total interest. To find the total interest for any row, multiply the payment by the number of months and subtract the principal.

Enter your loan amount, interest rate and term in the calculator above for the exact monthly payment and a full breakdown of interest. Real loans can add fees, so your lender APR and rounding may shift the final figure by a few cents.

How a loan calculator works#

The calculator solves the amortization formula for one unknown: your fixed monthly payment. It assumes equal payments and a fixed rate, so every month you pay the same amount, but the split between interest and principal shifts. Early payments are mostly interest because the balance is high; later payments are mostly principal. Change any input above and the payment, the total interest, and that split all move with it.

Rate and term pull in opposite directions#

Two levers set the payment: the interest rate and the term. A lower rate cuts both the monthly payment and the total interest, so it is always better. A longer term cuts the monthly payment but raises the total interest, because you owe the balance for more months. On a $15,000 loan at 7%, a 3-year term costs $463.16 a month and $1,673.63 in interest. Stretch it to 5 years and the payment drops to $297.02, but the interest climbs to $2,821.08. You trade a smaller monthly bill for paying more overall.

Interest rate versus APR#

The interest rate is the cost of borrowing the principal. The APR folds in lender fees, such as an origination charge, expressed as a yearly percentage, so it is the better number for comparing offers. Two loans can show the same rate but different APRs once fees are counted. When you shop lenders, line up the APRs, not the headline rates.

Secured and unsecured loans#

A secured loan is backed by an asset, such as a house or car, that the lender can claim if you stop paying. That collateral lowers the lender’s risk, so secured loans usually carry lower rates. An unsecured loan has no collateral, so the lender relies on your credit and income and charges a higher rate to offset the risk. Mortgages and auto loans are secured; most personal loans and credit cards are unsecured.

Ways to lower what you pay#

Extra payments go straight to the principal, which shortens the term and cuts total interest. Check for a prepayment penalty first, since a few loans charge one. Refinancing replaces the loan with a new one at a lower rate, and consolidating several debts into one loan can lower the blended rate and leave a single payment to track. Each of these lowers interest by reducing either the rate or the time you carry the balance.

Frequently asked questions#

How is a loan payment calculated?#

From three inputs: the principal, the monthly rate (annual rate divided by 12), and the number of months. The amortization formula M = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1) returns the fixed monthly payment. A $10,000 loan at 8% over 3 years works out to $313.36 a month.

How do I find the total interest?#

Multiply the monthly payment by the number of payments, then subtract the principal. On that $10,000 loan at 8% for 3 years, $313.36 × 36 = $11,281.09, so the interest is $1,281.09.

Does a longer term cost more?#

Yes. A longer term lowers each monthly payment but you pay interest for more months, so the total interest is higher. A shorter term costs more per month but less overall.

How does my credit score affect the loan?#

A higher score signals lower risk, so lenders offer lower rates. A lower rate cuts both your monthly payment and the total interest, so improving your score before you apply can save a meaningful amount.

What is left out of the calculator?#

The figure above is principal and interest. Origination fees, late fees, and insurance are not included, so compare the APR, which captures those costs, when you weigh real offers.

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