Calculyn

Loan Calculator

Calculate the monthly payment and total interest on any fixed-rate loan.

$
%
yrs

Results update as you type.

Your monthly payment

$513/ month
Total interest
$5,775
Total paid
$30,775
Number of payments
60
  • Principal81%
  • Interest19%
Your monthly payment$513

Loan results are estimates and not financial advice. Your lender's terms, fees and rate determine your real payments.

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How it works

A fixed-rate amortizing loan charges interest on the remaining balance each month. Your payment stays the same, but early payments are mostly interest and later payments are mostly principal.

Formula

M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
r = APR ÷ 12, n = months

Example

$25,000 at 8.5% for 5 years costs about $512.91 per month and $5,775 in total interest.

Assumptions & limitations

  • Fixed rate and on-time payments.
  • Excludes origination fees, late fees and penalties unless entered.

Frequently asked questions

What is APR?

The annual percentage rate is the yearly cost of borrowing, including interest and some fees, expressed as a percentage.

Does paying extra help?

Yes. Extra payments go directly to principal, which reduces total interest and shortens the loan.