Loan Calculator
Enter what you are borrowing, the APR, and the term to get your monthly payment. Add an extra monthly amount to see how much interest and time it cuts from the loan.
- Accurate
- Real-time
- Easy to use
- 100% free
Monthly payment
$512.91
Total repaid
$30,775
Details
Updates as you typeOptional. Extra payments go straight to principal.
Summary
Reasonable — 10–25%Monthly payment
$512.91
Total repaid
$30,774.80
- Principal$25,00081%
- Interest$5,77519%
- Total interest
- $5,775
- Total repaid
- $30,775
- Payoff time
- 5 years
- Interest saved
- $0
- Time saved
- 0 months
- Add an extra monthly payment to see how much interest it saves.
How this is calculated
- Amount borrowed
- $25,000
- Annual rate
- 8.50%
- Scheduled term
- 5 years
- Scheduled payment
- $512.91
- Extra payment
- $0.00
- Actual payment
- $512.91
- Interest without extra
- $5,775
- Interest with extra
- $5,775
Years
Compare scenarios
See how one change moves the result
- CurrentYour inputs as they stand$512.91Current
- Loan amount$ 31,500$646.27
- Annual interest rate (APR)% 10.6$538.59
- Termmonths 75$430.83
For informational purposes only. This is not financial advice — confirm major decisions with a licensed advisor.
Frequently asked questions
How is a loan payment calculated?
With the amortization formula: payment = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the amount borrowed, r is the monthly interest rate, and n is the number of months. Each payment covers that month’s interest first, and the rest reduces the balance.
Does paying extra each month actually help?
Substantially. Extra payments go entirely to principal, so they cut both the balance and every future interest charge on it. On a typical 5-year loan, an extra $100 a month often saves several hundred dollars and finishes the loan close to a year early.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the money. APR folds in fees such as origination charges, so it reflects the true annual cost. Compare loans on APR, not the headline rate.
Should I choose a longer term for a lower payment?
A longer term lowers the monthly payment but raises the total interest, sometimes sharply. Pick the shortest term whose payment you can comfortably sustain.