Loan Calculator
Enter any fixed-rate loan to see the monthly payment, total interest and a complete month-by-month payoff schedule.
Monthly payment
$415.17
- Amount financed
- $20,000
- Total interest
- $4,910
- Total of payments
- $24,910
- Payoff
- 60 payments
Principal and interest by year
Amortization schedule
| Year | Paid | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $4,982 | $3,317 | $1,665 | $16,683 |
| 2 | $4,982 | $3,628 | $1,354 | $13,056 |
| 3 | $4,982 | $3,968 | $1,014 | $9,088 |
| 4 | $4,982 | $4,340 | $642 | $4,747 |
| 5 | $4,982 | $4,747 | $235 | $0 |
Explain my numbers
Get a plain-English reading of the result above: what drives it, what the trade-offs are and what to ask a lender or adviser. It is educational, not financial advice. Only these inputs and results are sent, and nothing is stored.
The loan payment formula
M = P · r(1 + r)n ÷ ((1 + r)n − 1)
This is the same formula banks use for every fixed-rate installment loan. The payment is set so that, after the last of n payments, interest has been paid each month and the balance reaches exactly zero.
Three levers you control
- Amount: borrow only what you need; interest scales directly with it.
- Rate: your credit score and debt-to-income ratio drive it. Checking offers with a soft credit pull does not affect your score.
- Term: shorter terms cost more each month and far less overall.
Found a loan with fees? Use the personal loan calculator to include an origination fee, or check the true cost with the APR calculator.
Frequently asked questions
How do I calculate a monthly loan payment?
Use M = P × r(1+r)^n / ((1+r)^n − 1), where P is the amount borrowed, r is the annual rate ÷ 12, and n is the number of months. For $20,000 at 9% over 60 months, r = 0.0075 and the payment is $415.17.
What is the difference between interest rate and APR?
The interest rate is what you are charged on the balance. APR (annual percentage rate) also includes required fees such as origination charges, spread over the loan’s life, so it is the better number for comparing offers. The APR calculator shows the difference.
Does a longer term save money?
A longer term lowers the monthly payment but increases total interest, because the balance stays higher for longer. Compare 36, 48 and 60 months above and watch the total interest line.
Can I pay off a loan early?
Most consumer loans allow early payoff; check your agreement for a prepayment penalty. Paying early saves the interest that would have accrued on the remaining balance. The loan payoff calculator shows how much.
What loans does this calculator work for?
Any fixed-rate, fully amortizing loan with equal monthly payments: personal, auto, student, boat, RV, home improvement or business term loans. It does not model variable rates or balloon payments.