Loan Calculator
Work out the payment, total interest, and schedule for any 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. On a $25,000 loan at 7.5% over 5 years that is about $501 a month and $5,053 in interest. Adjust any input to compare loans before you commit.
These results are estimates for informational purposes only and are not financial, tax, or legal advice. Your actual figures from a lender or the IRS may differ. Consult a qualified professional before making decisions.
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 |
About the Loan Calculator
Use this calculator for any loan that charges a fixed rate and is repaid in equal installments, which covers most 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. The most 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. Of the three, a shorter term and a lower rate make the biggest dent in total interest. Paying extra toward principal also cuts the cost with no penalty on most loans.
Is this calculator accurate for car loans?+
Yes. A standard car loan is a fixed-rate installment loan, so the payment and interest match what this tool shows. Add your down payment by entering the amount you actually finance after that and any trade-in.