Loan calculator
Monthly payment
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Compare rates and terms
Monthly payment, with total interest underneath, for the same loan amount. Your inputs are outlined.
Amortization schedule
| Year | Date | Payment | Principal | Interest | Balance |
|---|
On this page
How the monthly loan payment is calculated
Car loans, personal loans, federal student loans and fixed-rate mortgages all use the same equal-payment (amortizing) formula:
P = amount borrowed · r = APR ÷ 12 · n = number of monthly payments
Example: $30,000 at 7% for 60 months
r = 0.07 ÷ 12 = 0.0058333
M = 30,000 × 0.0058333 ÷ (1 − 1.0058333−60) = $594.04
Total interest over 60 payments = $5,642.12
If the rate is 0%, the payment is just P ÷ n. The calculator uses the same formula. It rounds each month's interest to the cent, like a lender's statement, and adjusts the final payment so the balance ends at exactly $0.00.
The other two tabs rearrange the same equation. Pay off my loan solves for the number of payments: n = −ln(1 − r·B ÷ M) ÷ ln(1 + r). How much can I borrow? solves for the amount: P = M × (1 − (1 + r)−n) ÷ r.
How amortization works: why early payments are mostly interest
Each month, interest is charged on the balance you still owe: balance × APR ÷ 12. Whatever is left of your payment reduces the principal. The balance starts at its highest, so the first payments are mostly interest. As the balance falls, more of each payment goes to principal.
On the $30,000, 7%, 60-month example, the first payment is $175.00 interest and $419.04 principal. The last payment is $3.44 interest and $590.32 principal. It is slightly smaller ($593.76) because the balance runs out. Switch the schedule to By month to see every payment.
What extra payments really save
Extra money paid toward principal cuts the balance that interest is charged on. That saves interest every month until the loan is paid off. It also shortens the loan, because your required payment stays the same.
| Extra per month | Paid off in | Total interest | Interest saved |
|---|---|---|---|
| None | 60 months | $5,642.12 | — |
| $50 | 55 months | $5,109.44 | $532.68 |
| $100 | 50 months | $4,669.80 | $972.32 |
| $200 | 43 months | $3,988.41 | $1,653.71 |
| $500 | 30 months | $2,785.81 | $2,856.31 |
Before paying extra, ask your lender two things. First, make sure the extra goes to principal and not to next month's payment. Second, check for a prepayment penalty. Most auto and personal loans don't have one, and federal student loans never do.
Monthly payment tables
Monthly payment per $10,000 borrowed. For $25,000, multiply by 2.5.
| APR | 36 mo | 48 mo | 60 mo | 72 mo | 84 mo | 10 yr |
|---|---|---|---|---|---|---|
| 4% | $295.24 | $225.79 | $184.17 | $156.45 | $136.69 | $101.25 |
| 5% | $299.71 | $230.29 | $188.71 | $161.05 | $141.34 | $106.07 |
| 6% | $304.22 | $234.85 | $193.33 | $165.73 | $146.09 | $111.02 |
| 7% | $308.77 | $239.46 | $198.01 | $170.49 | $150.93 | $116.11 |
| 8% | $313.36 | $244.13 | $202.76 | $175.33 | $155.86 | $121.33 |
| 9% | $318.00 | $248.85 | $207.58 | $180.26 | $160.89 | $126.68 |
| 10% | $322.67 | $253.63 | $212.47 | $185.26 | $166.01 | $132.15 |
| 12% | $332.14 | $263.34 | $222.44 | $195.50 | $176.53 | $143.47 |
| 15% | $346.65 | $278.31 | $237.90 | $211.45 | $192.97 | $161.33 |
| 18% | $361.52 | $293.75 | $253.93 | $228.08 | $210.18 | $180.19 |
| 20% | $371.64 | $304.30 | $264.94 | $239.53 | $222.06 | $193.26 |
Auto, student, personal and home loans
Auto loans
Enter the price minus your down payment and trade-in. If you roll taxes and fees into the loan, add them too. Longer terms (72–84 months) lower the payment but raise the total interest. Use the comparison grid to see the trade-off.
Student loans
Federal Direct Loans use a 10-year standard plan (120 payments), which this calculator matches. Interest that built up while you were in school may be added to the principal when repayment starts. Use your current balance from the servicer.
Personal loans
If the lender takes an origination fee out of the loan, you receive less than you borrow. Enter the full amount borrowed, since that's what you pay interest on.
Mortgages
The result is principal and interest only. A real mortgage payment also includes property tax, homeowners insurance and sometimes PMI or HOA dues, so it will be higher.
Frequently asked questions
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR also includes certain lender fees, spread over the term. Under the Truth in Lending Act, lenders must disclose the APR. Enter the APR to compare offers fairly. Use the interest rate if you want to match your statement exactly.
How much interest will I pay in total?
Total interest = (monthly payment × number of payments) − amount borrowed. The calculator shows it in the result card and in the comparison grid.
Is it better to take a shorter term?
A shorter term means a higher payment but much less interest, and lenders often offer a lower rate for shorter terms. Compare both in the grid. If the higher payment is tight, take the longer term and make extra payments when you can.
Why doesn't my statement match exactly?
Many auto and student loans charge simple interest daily (APR ÷ 365 × days since your last payment). Paying a few days early or late shifts interest slightly. The calculator uses the standard monthly method, so the difference is usually a few dollars.
What is the monthly payment on a $10,000 loan?
At 10% APR: $322.67 over 3 years, $253.63 over 4 years, or $212.47 over 5 years. See the table above for other rates.
Method and sources
Last reviewed: September 27, 2026.
- Consumer Financial Protection Bureau, “What is the difference between a loan's interest rate and its APR?” consumerfinance.gov
- Federal Student Aid, Standard Repayment Plan (10-year fixed payments). studentaid.gov
- Federal Student Aid: no prepayment penalty on federal student loans. studentaid.gov
All figures on this page, including the tables, come from the calculator's own code. Assumptions: a fixed rate, monthly payments, and interest charged monthly on the remaining balance and rounded to the cent. No fees, insurance or taxes are included. This is an estimate; your lender's disclosure is the final word.
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