Loan Calculator
The monthly payment on any fixed-rate loan, what it costs in interest, and the full amortization schedule showing where each payment goes.
Monthly payment by loan amount and term, at 8%
| Loan | 36 months | 60 months | 84 months |
|---|---|---|---|
| $5,000 | $156.68 | $101.38 | $77.93 |
| $10,000 | $313.36 | $202.76 | $155.86 |
| $20,000 | $626.73 | $405.53 | $311.72 |
| $30,000 | $940.09 | $608.29 | $467.59 |
| $50,000 | $1,566.82 | $1,013.82 | $779.31 |
Total interest on a $25,000 loan by rate and term
| Rate | 36 months | 60 months | 84 months |
|---|---|---|---|
| 5% | $1,974 | $3,307 | $4,681 |
| 8% | $3,203 | $5,415 | $7,731 |
| 11% | $4,465 | $7,614 | $10,957 |
| 14% | $5,760 | $9,902 | $14,354 |
| 18% | $7,537 | $13,090 | $19,137 |
How this calculator works
A fixed-rate loan is repaid in equal monthly payments: P = A × r ÷ (1 − (1 + r)^−n), where A is the amount, r the yearly rate ÷ 12 and n the number of months.
Each month, interest is charged on what is still owed and the rest of the payment reduces the balance. Early payments are mostly interest; later ones mostly principal. That is the amortization schedule.
What it assumes
- A fixed rate and no fees. Fees raise the true cost: the APR calculator includes them.
- Payments on time and no extra payments. Paying extra toward principal shortens the loan and cuts interest.
- For a mortgage, the payment here is principal and interest only, before property tax and insurance.
Questions people ask
How is a monthly loan payment calculated?
With the amortization formula: P = A × r ÷ (1 − (1 + r)^−n). A $25,000 loan at 8% over 60 months: r = 0.08 ÷ 12, n = 60, so P = $506.91.
What is an amortization schedule?
A month-by-month table of each payment split into interest and principal, with the balance left after it. Open the schedule above to see it for your loan, or download it as a spreadsheet.
Is a longer loan term better?
It lowers the payment but raises the interest. $25,000 at 8% costs $3,203 in interest over 36 months and $7,731 over 84.
How much is the payment on a $10,000 loan?
At 8%: $313.36 a month over 36 months, $202.76 over 60. The first table above has other amounts.
Does paying extra on a loan save money?
Yes, if the lender applies it to principal and there is no prepayment penalty: less principal means less interest every month after.
Terms explained
Related calculators
Sources
Updated by the RateHerald team. The maths is tested against worked examples; report a problem.