Calculator
Loan Calculator
Built for fully amortizing fixed-rate loans such as many auto and personal loans. It does not include origination fees, insurance add-ons, or adjustable rates.
Loan details
Annual rate
Results
Monthly payment
$500.95
Total interest
$5,057.00
Total repayment
$30,057.00
Calculators and articles on this site are for education only. They are not financial, investment, tax, legal, or professional advice.
How this calculation works
This calculator assumes a fixed interest rate and equal monthly payments that pay the loan down to zero by the end of the term. Total repayment is the monthly payment multiplied by the number of months. Total interest is that amount minus the original loan.
It does not model balloon payments, interest-only periods, or variable rates. If a lender finances an origination fee, include that fee in the loan amount for a closer estimate.
M = P × [r(1 + r)^n] / [(1 + r)^n − 1]
Same amortizing formula used for a fixed-rate installment loan. Fees are not included unless you add them to the loan amount.
Example
A $25,000 loan at 7.5% for 5 years has 60 monthly payments of about $501. Total repayment is about $30,057, so estimated interest is about $5,057. A shorter term raises the payment and lowers total interest.
Frequently asked questions
Which loans does this cover?
Fixed-rate installment loans that amortize monthly—many auto and personal loans. It is not meant for credit cards, interest-only loans, or adjustable rates.
Are origination fees included?
No. If a fee is financed, add it to the loan amount for a closer estimate. Up-front fees are separate cash costs not reflected in the payment.
What if the interest rate is 0%?
The monthly payment is the loan amount divided by the number of months, and total interest is $0.
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