Loan Calculator
Work out the payment, total interest, and schedule for any fixed-rate loan.
A loan calculator turns three numbers, the amount you borrow, the interest rate, and the term, into a fixed monthly payment and the total interest you will pay. Take $25,000 at 7.5% over 5 years: the monthly rate is 7.5 / 12 = 0.625 percent, the payment comes to $500.95, and 60 x $500.95 = $30,057 in all, of which about $5,057 is interest. Change any input to see how the numbers move.
This calculator is for general education. It is not financial advice and not a loan offer. It assumes a fixed rate, equal monthly payments and interest charged at the annual rate divided by 12, and it leaves out fees, insurance, taxes and any prepayment rules in your loan. Your lender's disclosures and statements are the final figures.
Estimated monthly payment
$500.95
Principal vs. interest paid per year
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,282 | $1,730 | $20,718 |
| 2 | $4,614 | $1,397 | $16,104 |
| 3 | $4,972 | $1,039 | $11,132 |
| 4 | $5,358 | $653 | $5,774 |
| 5 | $5,774 | $237 | $0 |
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About the Loan Calculator
Use this calculator for any loan that charges a fixed rate and is repaid in equal installments, which covers car loans, personal loans, and home equity loans. You supply the amount, the rate, and the term, and it returns the monthly payment along with the total interest over the life of the loan. Loans split into two broad types that change the rate you see. A secured loan is backed by an asset such as a car or house, so the lender takes less risk and charges less; an unsecured loan has no collateral and costs more. Fixed and variable rates differ too, and this tool assumes a fixed rate that holds steady for the whole term. A useful habit is to compare offers on the same screen by changing one input at a time. Lower the rate to see what shopping around saves, or shorten the term to see how much interest a higher payment removes from the total.
Frequently asked questions
What does a loan calculator tell me?+
It converts your loan amount, interest rate, and term into a fixed monthly payment, then shows the total interest and a schedule of how each payment splits between principal and interest over time.
What is the difference between a secured and unsecured loan?+
A secured loan is backed by collateral, such as a car or home, which lowers the lender's risk and the rate. An unsecured loan has no collateral, so it carries a higher rate and leans more heavily on your credit score.
How do I lower the total cost of a loan?+
Borrow less, secure a lower rate, or choose a shorter term. A shorter term and a lower rate both reduce total interest, and you can test each one above. Paying extra toward principal also lowers the cost if your loan has no prepayment penalty.
Is this calculator accurate for car loans?+
A standard car loan is a fixed-rate installment loan, so this tool uses the same math. Lenders may add fees or taxes this tool leaves out, so check the final figures against your loan documents. Add your down payment by entering the amount you actually finance after that and any trade-in.
Embed this calculator
Free to use on your own site. Paste this snippet where you want the loan calculator to appear — it resizes itself automatically.
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</script><a href="https://manytools.co/finance/loan-calculator">Loan Calculator by ManyTools</a>