Loan calculator: monthly payment and total interest
This loan payment calculator finds the monthly payment on any loan. Type the amount, the rate and the term. The page shows the total interest, the payoff time and your loan by year.
The term is 5 years.
Payment in a month
$495.03
| Loan amount | $25,000.00 |
|---|---|
| Total interest | $4,701.82 |
| Loan plus interest | $29,701.82 |
| Number of payments | 60 |
| Payoff time | 5 years |
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $1,612.91 | $4,327.45 | $20,672.55 |
| 2 | $1,300.10 | $4,640.26 | $16,032.29 |
| 3 | $964.62 | $4,975.74 | $11,056.55 |
| 4 | $604.95 | $5,335.41 | $5,721.14 |
| 5 | $219.24 | $5,721.14 | $0.00 |
The loan compounds every month. The payment does not include the extra payment. This is an estimate. It is not an offer of credit. Your lender can give other numbers.
How to use the calculator
- Type the loan amount and the interest rate (APR).
- Type the term in years and months.
- Add an extra payment in a month, if you make one.
- Read the payment, the total interest and the payoff time.
Questions
What is the monthly payment on a $25,000 loan?
At 7% for 5 years, the payment is $495.03 a month. You pay $4,701.82 in interest, and $29,701.82 in all.
How does the term change the cost?
A longer term lowers the payment and raises the interest. The same loan over 3 years is $771.93 a month with $2,789.42 in interest. Over 5 years it is $495.03 a month with $4,701.82 in interest.
What does an extra payment do?
An extra $100 a month pays off the loan above in 4 years and 1 month. It saves $939.02 in interest.
Is the rate I type the APR?
Type the APR your lender gives you. The calculator uses it as a yearly rate and divides it by 12 for each month. If the lender also charges a fee, use the personal loan calculator to see the real APR.
Do you want to know your pay after tax? Try the US paycheck calculator.