Calculate monthly payments, total interest, and full amortization schedule. See how extra payments save you money. Works for personal, auto, student, and mortgage loans.
The standard loan payment formula (fixed-rate, fully amortized):
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where: M = monthly payment, P = principal (loan amount), r = monthly interest rate (annual rate / 12), n = total number of payments (months).
| Loan Amount | Rate | Term | Monthly Payment | Total Interest |
|---|---|---|---|---|
| $5,000 | 7% | 2 years | $224 | $376 |
| $10,000 | 8% | 3 years | $313 | $1,268 |
| $15,000 | 10% | 4 years | $380 | $3,240 |
| $20,000 | 6% | 5 years | $387 | $3,200 |
| $25,000 | 8.5% | 3 years | $789 | $3,404 |
| $30,000 | 12% | 5 years | $668 | $10,064 |
| $50,000 | 5% | 10 years | $530 | $13,639 |
| $250,000 | 6.5% | 30 years | $1,580 | $319,000 |
Every dollar of extra payment goes directly to reducing your principal balance. This has a compounding effect:
Use the "Extra Monthly Payment" field above to see exactly how much you'll save on YOUR loan.
| Loan Type | Typical Rate (2026) | Terms | Secured? |
|---|---|---|---|
| Personal Loan | 6-36% | 1-7 years | No |
| Auto Loan (new) | 5-9% | 3-7 years | Yes (vehicle) |
| Auto Loan (used) | 7-14% | 3-6 years | Yes (vehicle) |
| Student Loan (federal) | 5.5-8.05% | 10-25 years | No |
| Student Loan (private) | 4-15% | 5-20 years | No |
| Mortgage (30yr fixed) | 6-7.5% | 15-30 years | Yes (home) |
| Business Loan | 7-25% | 1-10 years | Varies |
How do I calculate my monthly loan payment?
Enter your loan amount, interest rate (APR), and term length in the calculator above. It instantly shows your monthly payment, total interest, and full amortization breakdown.
How much interest will I pay over the life of my loan?
Total interest depends on three factors: loan amount, rate, and term. A $25,000 loan at 8.5% over 3 years costs $3,404 in interest. The same loan over 5 years costs $5,857 — an extra $2,453 for lower monthly payments.
Should I choose a shorter or longer loan term?
Shorter terms mean higher monthly payments but significantly less total interest. A 3-year term on $25K at 8.5% saves $2,453 compared to a 5-year term. Choose the shortest term your budget can handle.
Does paying extra on my loan actually help?
Yes, dramatically. Extra payments reduce principal immediately, which reduces all future interest charges. Even $50-100/month extra can save thousands and cut months or years off your payoff date.