Loan Calculator
Monthly payment, full schedule, total cost and the APR once fees are counted, plus how much extra payments save.
Monthly payment
$500.95
$30,056.96 total over 60 months
of your payments repay the loan
- Principal$25,000.0083%
- Interest$5,056.9617%
APR
7.5%
Interest plus upfront fees
Total interest
$5,056.96
How this is calculated
Loan amount
The amount borrowed.
$25,000.00
Monthly payment
Level payment that repays the loan over 60 months at 7.5% a year, charged monthly: P × r ÷ (1 − (1 + r)^−n), with r = annual rate ÷ 12.
$500.95
Total interest
Interest charged each month on the remaining balance, summed over 60 payments.
$5,056.96
Payment schedule
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $500.95 | $156.25 | $344.70 | $24,655.30 |
| 2 | $500.95 | $154.10 | $346.85 | $24,308.45 |
| 3 | $500.95 | $151.93 | $349.02 | $23,959.43 |
| 4 | $500.95 | $149.75 | $351.20 | $23,608.23 |
| 5 | $500.95 | $147.55 | $353.40 | $23,254.83 |
| 6 | $500.95 | $145.34 | $355.61 | $22,899.22 |
| 7 | $500.95 | $143.12 | $357.83 | $22,541.39 |
| 8 | $500.95 | $140.88 | $360.07 | $22,181.32 |
| 9 | $500.95 | $138.63 | $362.32 | $21,819.00 |
| 10 | $500.95 | $136.37 | $364.58 | $21,454.42 |
| 11 | $500.95 | $134.09 | $366.86 | $21,087.56 |
| 12 | $500.95 | $131.80 | $369.15 | $20,718.41 |
| 13 | $500.95 | $129.49 | $371.46 | $20,346.95 |
| 14 | $500.95 | $127.17 | $373.78 | $19,973.17 |
| 15 | $500.95 | $124.83 | $376.12 | $19,597.05 |
| 16 | $500.95 | $122.48 | $378.47 | $19,218.58 |
| 17 | $500.95 | $120.12 | $380.83 | $18,837.75 |
| 18 | $500.95 | $117.74 | $383.21 | $18,454.54 |
| 19 | $500.95 | $115.34 | $385.61 | $18,068.93 |
| 20 | $500.95 | $112.93 | $388.02 | $17,680.91 |
| 21 | $500.95 | $110.51 | $390.44 | $17,290.47 |
| 22 | $500.95 | $108.07 | $392.88 | $16,897.59 |
| 23 | $500.95 | $105.61 | $395.34 | $16,502.25 |
| 24 | $500.95 | $103.14 | $397.81 | $16,104.44 |
| 25 | $500.95 | $100.65 | $400.30 | $15,704.14 |
| 26 | $500.95 | $98.15 | $402.80 | $15,301.34 |
| 27 | $500.95 | $95.63 | $405.32 | $14,896.02 |
| 28 | $500.95 | $93.10 | $407.85 | $14,488.17 |
| 29 | $500.95 | $90.55 | $410.40 | $14,077.77 |
| 30 | $500.95 | $87.99 | $412.96 | $13,664.81 |
| 31 | $500.95 | $85.41 | $415.54 | $13,249.27 |
| 32 | $500.95 | $82.81 | $418.14 | $12,831.13 |
| 33 | $500.95 | $80.19 | $420.76 | $12,410.37 |
| 34 | $500.95 | $77.56 | $423.39 | $11,986.98 |
| 35 | $500.95 | $74.92 | $426.03 | $11,560.95 |
| 36 | $500.95 | $72.26 | $428.69 | $11,132.26 |
| 37 | $500.95 | $69.58 | $431.37 | $10,700.89 |
| 38 | $500.95 | $66.88 | $434.07 | $10,266.82 |
| 39 | $500.95 | $64.17 | $436.78 | $9,830.04 |
| 40 | $500.95 | $61.44 | $439.51 | $9,390.53 |
| 41 | $500.95 | $58.69 | $442.26 | $8,948.27 |
| 42 | $500.95 | $55.93 | $445.02 | $8,503.25 |
| 43 | $500.95 | $53.15 | $447.80 | $8,055.45 |
| 44 | $500.95 | $50.35 | $450.60 | $7,604.85 |
| 45 | $500.95 | $47.53 | $453.42 | $7,151.43 |
| 46 | $500.95 | $44.70 | $456.25 | $6,695.18 |
| 47 | $500.95 | $41.84 | $459.11 | $6,236.07 |
| 48 | $500.95 | $38.98 | $461.97 | $5,774.10 |
| 49 | $500.95 | $36.09 | $464.86 | $5,309.24 |
| 50 | $500.95 | $33.18 | $467.77 | $4,841.47 |
| 51 | $500.95 | $30.26 | $470.69 | $4,370.78 |
| 52 | $500.95 | $27.32 | $473.63 | $3,897.15 |
| 53 | $500.95 | $24.36 | $476.59 | $3,420.56 |
| 54 | $500.95 | $21.38 | $479.57 | $2,940.99 |
| 55 | $500.95 | $18.38 | $482.57 | $2,458.42 |
| 56 | $500.95 | $15.37 | $485.58 | $1,972.84 |
| 57 | $500.95 | $12.33 | $488.62 | $1,484.22 |
| 58 | $500.95 | $9.28 | $491.67 | $992.55 |
| 59 | $500.95 | $6.20 | $494.75 | $497.80 |
| 60 | $500.91 | $3.11 | $497.80 | $0.00 |
Assumptions
- Fixed rate, interest charged monthly on the remaining balance.
- The last payment is adjusted to clear the balance exactly.
Worked examples
Fixed-rate loans with monthly payments and no fees.
| Loan | Payment | Total interest | Total paid |
|---|---|---|---|
| $10,000 over 3 years at 8% | $313.36 | $1,281.13 | $11,281.13 |
| $30,000 car loan over 5 years at 6.5% | $586.98 | $5,219.11 | $35,219.11 |
| $50,000 over 10 years at 5% | $530.33 | $13,639.21 | $63,639.21 |
Frequently asked questions
What is the payment on a $30,000.00 car loan at 6.5% for 5 years?
$586.98 a month, with $5,219.11 of interest over the loan.
What is the difference between interest rate and APR?
The interest rate sets your payment. APR also counts fees you pay to get the loan. A $10,000.00 loan at 8% with $300 of fees has an APR of 10.08%.
Do extra payments reduce interest?
Yes. Extra payments go straight to principal, so every later payment charges interest on a smaller balance. Check your loan for prepayment penalties first.
How is monthly loan interest calculated?
Each month, interest is the remaining balance × the annual rate ÷ 12. The rest of the payment reduces the balance, so early payments are mostly interest and later ones mostly principal.
Estimates for information only; not tax, legal or financial advice. See our methodology.