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 (use the mortgage calculator for PITI breakdown).
What is APR vs interest rate?
Interest rate is the cost of borrowing the principal. APR includes the interest rate plus fees (origination, points, etc.) expressed as an annual percentage. APR is the better number for comparing loans.
How much will I save by paying extra each month?
Extra principal payments compound dramatically. On a $25,000 5-year loan at 7%, paying just $50 extra monthly saves about $400 in interest and shortens the term by 5-6 months.
What is a good interest rate?
Depends on credit score, loan type, and current market. Personal loans for excellent credit typically run 6-12%. Auto loans for new cars often run 5-8%. Always shop multiple lenders.
Are these calculations exact?
Yes, for standard fixed-rate amortizing loans. Variable-rate loans or those with balloon payments require different math. Bank statements may show a $1-2 difference due to daily-balance methods, which is normal.