Loan Calculator: Monthly Payment, Total Interest & Payoff Date
Pick a loan type for realistic defaults, then adjust the amount, APR, and term to get the monthly payment, total interest, and payoff date. Alternative terms and a year-by-year balance table show what changes when you stretch or shorten the loan.
Loan type
Loads a typical amount, APR, and term; change anything below
Principal borrowed, after any down payment
Annual rate on the offer, fees included
How long you have to repay
Term in
Monthly payment
$601
$30,000 at 7.5% for 5 years
Total interest
$6,068
20% of the amount borrowed
Total cost
$36,068
60 payments of $601
Paid off in
5 years
around Sep 2031, starting next month
The same loan at other terms
| Term | Monthly payment | Total interest | Total cost | Interest vs. yours |
|---|---|---|---|---|
| 4 years | $725 | $4,818 | $34,818 | -$1,251 |
| 5 years (yours) | $601 | $6,068 | $36,068 | |
| 6 years | $519 | $7,347 | $37,347 | +$1,278 |
| 7 years | $460 | $8,652 | $38,652 | +$2,584 |
Same amount and APR at each term. A longer term lowers the payment and raises the total; a shorter one does the reverse.
Balance year by year
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $5,138 | $2,076 | $24,862 |
| 2 | $5,537 | $1,677 | $19,325 |
| 3 | $5,967 | $1,247 | $13,359 |
| 4 | $6,430 | $784 | $6,929 |
| 5 | $6,929 | $285 | $0 |
Early payments are interest-heavy; principal takes over as the balance falls, so the last years retire far more of the loan than the first.
How a fixed payment is built
Every fixed-rate loan uses the same amortization formula. Divide the APR by twelve to get a monthly rate. The payment is the principal times that monthly rate, divided by one minus (one plus the monthly rate) raised to the power of negative months. In words: the lender finds the one flat payment that, applied every month, exactly covers each month's interest on the shrinking balance and retires the last dollar on the final due date. Early payments are mostly interest because the balance is at its largest; late payments are mostly principal. The yearly table under the results is that shift made visible, and the amortization entry in the glossary walks through it line by line.
$30,000 at 7.5%: the term does most of the talking
Take the auto preset. Over 48 months the payment is about $725 and total interest about $4,800. Stretch to 60 months and the payment falls to roughly $601 while interest climbs to about $6,100; at 72 months it is $519 a month and $7,300 in interest. Each extra year buys a smaller payment at a higher total, which is the whole trade. Rate matters too, but less than people expect over short terms: one full point, 6.5% instead of 7.5% on the 60-month loan, saves about $14 a month and $850 in total. On a 30-year mortgage the same one-point change is worth over $80,000, because the balance stays large for decades.
Rate versus APR, and why the offer shows both
The interest rate prices the money. The APR adds the required fees, most often an origination fee, and expresses the whole cost as a yearly rate, which is why it is the figure lenders must disclose and the one to compare across offers. This calculator takes APR, so a loan with a fee and a lower rate can be weighed honestly against a no-fee loan with a higher one. For a loan with no fees the two numbers are the same.
One hub, five specialists
This page is the general-purpose version. When a decision has its own moving parts, the specialized tools model them:
- The auto loan calculator adds vehicle price, down payment, trade-in, and sales tax.
- The personal loan calculator is tuned to unsecured rates and terms.
- The student loan calculator shows what extra payments do to a ten-year schedule.
- The mortgage calculator starts from the home price and down payment.
- The amortization calculator prints the full schedule with extra payments applied.
Use this one when the loan does not fit a box, or when you want the same numbers for three different loans side by side without changing pages.
Frequently asked questions
How is a monthly loan payment calculated?
With the standard amortization formula: the loan amount times the monthly rate (APR divided by 12), divided by one minus (1 plus the monthly rate) raised to the power of negative months. For $30,000 at 7.5% over 60 months that gives about $601 a month, of which roughly $6,100 is interest over the life of the loan.
What is the difference between interest rate and APR?
The interest rate is the cost of the borrowed money alone. APR adds required fees such as an origination fee and states the total as a yearly rate. Two loans with the same interest rate can have different APRs, so APR is the number to compare. If a loan has no fees, the two are identical.
Is a shorter or longer loan term better?
Shorter costs less overall and clears the debt sooner but has a higher payment; longer lowers the payment and raises the total interest. The comparison table shows both sides for your exact loan. A common approach is the shortest term whose payment fits comfortably, leaving room for savings and surprises.
How much does a one-point rate difference change the payment?
On short loans, less than most people expect; on long ones, a great deal. A $30,000 five-year loan at 6.5% instead of 7.5% is about $14 a month cheaper and saves roughly $850 in total. A $350,000 30-year mortgage at one point lower saves over $200 a month and more than $80,000 in interest.
Does this work for a mortgage?
For the principal and interest portion, yes, and the mortgage preset loads a typical amount, rate, and 30-year term. A real mortgage payment also carries property tax, homeowners insurance, and sometimes mortgage insurance through escrow, which the mortgage calculator models separately.
Does this calculator save my numbers?
No. Everything runs in your browser and nothing you type is stored or sent anywhere.
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