Finance
Loan Calculator
Calculate monthly payment, total interest, and total repayment for any fixed-rate loan. Quick example table by rate.
Loan details
Monthly payment
$400.76
Total repayment
$24,046
Total interest
$4,046
Payments
60
Loan Payment Examples
Monthly payment for a $20,000 loan over 5 years
| APR | Monthly Payment | Total Repayment | Total Interest |
|---|---|---|---|
| 4% | $368.33 | $22,099.83 | $2,099.83 |
| 6% | $386.66 | $23,199.36 | $3,199.36 |
| 8% | $405.53 | $24,331.67 | $4,331.67 |
| 10% | $424.94 | $25,496.45 | $5,496.45 |
| 12% | $444.89 | $26,693.34 | $6,693.34 |
Frequently Asked Questions about the Loan Calculator
What types of loans does this calculator work for?
Any fixed-rate amortizing loan: personal loans, auto loans, student loans, small business loans, or mortgages. You enter the amount, annual interest rate, and term, and the calculator uses the standard amortization formula to give you the monthly payment, total interest, and total repayment. For a full PITI breakdown, use the dedicated mortgage calculator.
What is APR vs. interest rate?
The interest rate is the annual cost of borrowing the principal alone. APR (Annual Percentage Rate) folds in fees (origination charges, points, and similar costs), then expresses everything as a single annual percentage. APR is the more complete number for comparing offers from different lenders, since two loans with the same rate can carry very different total costs.
How much will I save by paying extra each month?
This calculator covers the standard fixed-payment schedule, so it does not model extra payments. To estimate savings from extra principal payments, use a dedicated early-payoff calculator. As a rule of thumb, even a modest extra amount each month reduces the interest-bearing balance faster, which cuts total interest and shortens your payoff date.
What is a good interest rate?
It depends on your credit score, loan type, and the current market, so compare your quote against the average rate for your specific loan type and score band rather than a single benchmark. Borrowers with excellent credit get the lowest rates a lender offers, while lower scores push the rate higher. Rates also move with the Fed funds rate, so shop at least three lenders before accepting an offer.
Are these calculations exact?
Yes, for any standard fixed-rate amortizing loan. The calculator applies the textbook amortization formula and rounds results to the nearest cent. Your actual bank statement may differ by $1-2 because some lenders use a daily-balance accrual method. Variable-rate loans or loans with balloon payments require a different calculation and are not covered here.