Loan Calculator
Calculate monthly loan payment, total interest paid, and full amortization schedule for any loan amount, interest rate, and term. Works for auto loans, personal loans, and student loans.
Monthly
$489.15
Total paid
$29,349.22
Total interest
$4,349.22
How to use the loan calculator
Enter the loan principal, annual interest rate, and term in years. The monthly payment, total paid, and total interest update as you type.
Formula & explanation
Monthly payment M = P × (i(1+i)ⁿ) ÷ ((1+i)ⁿ − 1), where P is principal, i is the monthly rate (annual ÷ 12), and n is the number of months.
Examples
25,000 over 5 years at 6.5% APR → 489.16/month, 4,349 total interest. Doubling the term to 10 years drops the payment to 283.93 but interest grows to 9,071.
Frequently asked questions
- Does this include taxes and insurance?
- No. This is principal + interest only. For mortgages with PITI, use the mortgage calculator.
- Why does paying longer cost so much more?
- Interest compounds monthly on the unpaid balance. A longer term means a larger average balance, which means more total interest.
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