Loan Calculator
months: 60
Monthly payment
$495.03
Total cost: $29,701.80
Loan summary
- Monthly payment
- $495.03
- Total interest
- $4,701.80
- Total cost
- $29,701.80
- Payoff date
- 09/2031
Loan term: 60 months @ 7%
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,327.45 | $1,612.91 | $20,672.55 |
| 2 | $4,640.28 | $1,300.08 | $16,032.27 |
| 3 | $4,975.73 | $964.63 | $11,056.54 |
| 4 | $5,335.42 | $604.94 | $5,721.12 |
| 5 | $5,721.12 | $219.24 | $0.00 |
Loan Calculator — Monthly Payment, Interest & Total Cost
How much will that loan really cost you each month — and overall? This free loan calculator turns three numbers you already know (loan amount, annual rate, term in months) into the exact monthly payment, total interest and total cost, with a full amortization schedule showing how every payment splits into principal and interest. It works for personal loans, auto loans and any fixed-rate loan with monthly payments.
Use the 1/3/5/7-year preset chips or type any term from 6 to 360 months to compare scenarios: shorter terms cost far less interest overall at a higher monthly payment. Every calculation runs locally in your browser with no signup, and any scenario can be shared with a link that reproduces it exactly on another device.
How the payment is calculated
Monthly payment follows the standard fixed-rate amortization formula, where P is the loan amount, r the monthly rate and n the number of monthly payments. The stated annual rate is used directly as the nominal rate divided by 12 — a loan's APR may differ if it includes fees, which this tool does not model.
P = loan amount · r = annual rate / 100 / 12 · n = term in months. With a 0% rate the payment is simply P / n.
How it works
- Enter the loan amount — the principal you borrow, from $100 to $10,000,000.
- Enter the annual interest rate (0–25%). A 0% rate divides the principal evenly across all months.
- Pick a preset (1, 3, 5, 7 years) or type any term from 6 to 360 months.
- Read the monthly payment, total interest, total cost and payoff date, then explore the yearly and monthly amortization tables.
Short vs long term
Halving the term roughly halves total interest but raises the monthly payment. A $25,000 loan at 7% costs about $2,764 in interest over 3 years versus $4,702 over 5 years — compare both with the preset chips above.
Frequently asked questions
How is the monthly payment calculated?
With the standard amortization formula using your loan amount, monthly rate and number of payments. Each payment first covers that month's interest, and the rest reduces the principal.
What happens with a 0% interest rate?
The payment is simply the loan amount divided by the number of months — every payment goes entirely to principal, and total interest is zero.
How do I choose the loan term?
Shorter terms cost less interest overall but demand higher monthly payments. Pick the shortest term whose payment comfortably fits your budget.
What is the difference between total interest and total cost?
Total interest is what you pay for borrowing; total cost is principal plus total interest — the full amount leaving your pocket over the life of the loan.
How accurate is this calculator?
The amortization math matches standard fixed-rate references to the cent. Your lender's exact figures may differ if fees or a different day-count convention apply.