Loan calculator
Work out the monthly payment and total interest on a car, personal, or student loan, and see what extra payments save.
Monthly payment
$500.95
You'll pay $5,057 in interest over 5 years.
- Loan amount
- $25,000
- Total interest
- $5,057
- Total of payments
- $30,057
Fixed rate, monthly payments, and no fees. Your final payment may be smaller.
How loan payments work
Use this for a loan with a fixed interest rate and equal monthly payments, such as a car or personal loan. Enter the amount borrowed, the annual interest rate, and the loan term in months.
An example
A $25,000 loan at 7.5% over 60 months costs about $500.95 a month and $5,057 in interest. Adding $100 a month pays it off in 49 months and saves about $1,014 in interest.
At the same rate, a longer term lowers your monthly payment but increases total interest.
How payments are calculated
Each payment covers that month's interest. The rest reduces the loan balance, also called the principal. Extra payments reduce that balance too. Fees and prepayment penalties aren't included, and the final payment may be smaller.
Enter the loan's interest rate. APR can include fees, so it may give a different payment. The CFPB explains the difference.
Common questions
Track your loans in Penny
See your loan balances alongside your bank and credit card accounts.