Loan Calculator
A $25,000.00 loan at 6.5% for 5 years has a monthly payment of $489.15, which comes to $4,349.20 in total interest and $29,349.20 paid overall. Enter the amount, the annual interest rate and the term in years or months, and the calculator shows the monthly payment, total interest, total paid and a full amortization schedule: a yearly summary with a month-by-month table you can open. It uses the standard fixed-rate formula M = P·r / (1 − (1+r)^−n) with r = APR ÷ 12, computed exactly in cents; at 0% the payment is simply the amount divided by the number of payments. Add an optional extra monthly payment to see how many months and how much interest it saves. This is an estimate for planning, not financial advice.
Updated Runs in your browser: nothing you enter is uploadedHow this tool works
Monthly payment $489.15
$4,349.20 total interest, $29,349.20 paid over 5 years.
- Loan amount
- $25,000.00
- Interest rate
- 6.5% a year
- Term
- 5 years (60 payments)
- Monthly payment
- $489.15
- Total interest
- $4,349.20
- Total paid
- $29,349.20
Amortization schedule
Yearly totals. Open the monthly view for every payment (at most 600).
| Year | Payments | Principal | Interest | End balance |
|---|---|---|---|---|
| 1 | $5,869.80 | $4,373.59 | $1,496.21 | $20,626.41 |
| 2 | $5,869.80 | $4,666.48 | $1,203.32 | $15,959.93 |
| 3 | $5,869.80 | $4,979.01 | $890.79 | $10,980.92 |
| 4 | $5,869.80 | $5,312.47 | $557.33 | $5,668.45 |
| 5 | $5,870.00 | $5,668.45 | $201.55 | $0.00 |
Monthly view
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $489.15 | $353.73 | $135.42 | $24,646.27 |
| 2 | $489.15 | $355.65 | $133.50 | $24,290.62 |
| 3 | $489.15 | $357.58 | $131.57 | $23,933.04 |
| 4 | $489.15 | $359.51 | $129.64 | $23,573.53 |
| 5 | $489.15 | $361.46 | $127.69 | $23,212.07 |
| 6 | $489.15 | $363.42 | $125.73 | $22,848.65 |
| 7 | $489.15 | $365.39 | $123.76 | $22,483.26 |
| 8 | $489.15 | $367.37 | $121.78 | $22,115.89 |
| 9 | $489.15 | $369.36 | $119.79 | $21,746.53 |
| 10 | $489.15 | $371.36 | $117.79 | $21,375.17 |
| 11 | $489.15 | $373.37 | $115.78 | $21,001.80 |
| 12 | $489.15 | $375.39 | $113.76 | $20,626.41 |
| 13 | $489.15 | $377.42 | $111.73 | $20,248.99 |
| 14 | $489.15 | $379.47 | $109.68 | $19,869.52 |
| 15 | $489.15 | $381.52 | $107.63 | $19,488.00 |
| 16 | $489.15 | $383.59 | $105.56 | $19,104.41 |
| 17 | $489.15 | $385.67 | $103.48 | $18,718.74 |
| 18 | $489.15 | $387.76 | $101.39 | $18,330.98 |
| 19 | $489.15 | $389.86 | $99.29 | $17,941.12 |
| 20 | $489.15 | $391.97 | $97.18 | $17,549.15 |
| 21 | $489.15 | $394.09 | $95.06 | $17,155.06 |
| 22 | $489.15 | $396.23 | $92.92 | $16,758.83 |
| 23 | $489.15 | $398.37 | $90.78 | $16,360.46 |
| 24 | $489.15 | $400.53 | $88.62 | $15,959.93 |
| 25 | $489.15 | $402.70 | $86.45 | $15,557.23 |
| 26 | $489.15 | $404.88 | $84.27 | $15,152.35 |
| 27 | $489.15 | $407.07 | $82.08 | $14,745.28 |
| 28 | $489.15 | $409.28 | $79.87 | $14,336.00 |
| 29 | $489.15 | $411.50 | $77.65 | $13,924.50 |
| 30 | $489.15 | $413.73 | $75.42 | $13,510.77 |
| 31 | $489.15 | $415.97 | $73.18 | $13,094.80 |
| 32 | $489.15 | $418.22 | $70.93 | $12,676.58 |
| 33 | $489.15 | $420.49 | $68.66 | $12,256.09 |
| 34 | $489.15 | $422.76 | $66.39 | $11,833.33 |
| 35 | $489.15 | $425.05 | $64.10 | $11,408.28 |
| 36 | $489.15 | $427.36 | $61.79 | $10,980.92 |
| 37 | $489.15 | $429.67 | $59.48 | $10,551.25 |
| 38 | $489.15 | $432.00 | $57.15 | $10,119.25 |
| 39 | $489.15 | $434.34 | $54.81 | $9,684.91 |
| 40 | $489.15 | $436.69 | $52.46 | $9,248.22 |
| 41 | $489.15 | $439.06 | $50.09 | $8,809.16 |
| 42 | $489.15 | $441.43 | $47.72 | $8,367.73 |
| 43 | $489.15 | $443.82 | $45.33 | $7,923.91 |
| 44 | $489.15 | $446.23 | $42.92 | $7,477.68 |
| 45 | $489.15 | $448.65 | $40.50 | $7,029.03 |
| 46 | $489.15 | $451.08 | $38.07 | $6,577.95 |
| 47 | $489.15 | $453.52 | $35.63 | $6,124.43 |
| 48 | $489.15 | $455.98 | $33.17 | $5,668.45 |
| 49 | $489.15 | $458.45 | $30.70 | $5,210.00 |
| 50 | $489.15 | $460.93 | $28.22 | $4,749.07 |
| 51 | $489.15 | $463.43 | $25.72 | $4,285.64 |
| 52 | $489.15 | $465.94 | $23.21 | $3,819.70 |
| 53 | $489.15 | $468.46 | $20.69 | $3,351.24 |
| 54 | $489.15 | $471.00 | $18.15 | $2,880.24 |
| 55 | $489.15 | $473.55 | $15.60 | $2,406.69 |
| 56 | $489.15 | $476.11 | $13.04 | $1,930.58 |
| 57 | $489.15 | $478.69 | $10.46 | $1,451.89 |
| 58 | $489.15 | $481.29 | $7.86 | $970.60 |
| 59 | $489.15 | $483.89 | $5.26 | $486.71 |
| 60 | $489.35 | $486.71 | $2.64 | $0.00 |
Monthly payment on $25,000.00 by rate and term
| Annual rate | 3 years | 5 years | 7 years |
|---|---|---|---|
| 4% | $738.10 | $460.41 | $341.72 |
| 5% | $749.27 | $471.78 | $353.35 |
| 6.5% | $766.23 | $489.15 | $371.24 |
| 8% | $783.41 | $506.91 | $389.66 |
What an extra payment does to the example
| Measure | Regular payments | With extra |
|---|---|---|
| Monthly payment | $489.15 | $589.15 |
| Paid off after | 5 years (60 payments) | 4 years 1 month (49 payments) |
| Total interest | $4,349.20 | $3,483.80 |
| Total paid | $29,349.20 | $28,483.80 |
| Saved | 11 months and $865.40 interest |
How to calculate a loan payment and see the amortization schedule
- Enter the loan amount. Type the amount you borrow. The example is $25,000.00.
- Enter the annual interest rate. Use the yearly rate (APR) as a percentage, such as 6.5. A rate of 0 is allowed.
- Set the term. Choose years or months and enter the length, up to 600 months (50 years). 5 years is 60 monthly payments.
- Read the payment and totals. The example comes to $489.15 a month, $4,349.20 in interest and $29,349.20 in total.
- Try an extra payment. Enter an extra monthly amount. With $100.00 extra the example is paid off after 4 years 1 month (49 payments), saving $865.40 in interest.
- Open the schedule. The yearly table shows the principal and interest paid each year and the balance left. Open the monthly view for every payment.
Frequently asked questions
- How is a monthly loan payment calculated?
- For a fixed-rate loan, M = P·r / (1 − (1+r)^−n), where P is the amount borrowed, r is the monthly rate (the annual rate divided by 12) and n is the number of monthly payments. For a $25,000.00 loan at 6.5% for 5 years, r = 6.5% ÷ 12 and n = 60, which gives $489.15.
- How much interest will I pay in total?
- Total interest is the sum of the interest in each payment, which equals total paid minus the amount borrowed. For a $25,000.00 loan at 6.5% for 5 years that is $29,349.20 − $25,000.00 = $4,349.20.
- What if the interest rate is 0%?
- Then there is no interest and the payment is the amount divided by the number of payments. $12,000.00 over 2 years at 0% is $500.00 a month, and the total paid is $12,000.00.
- Why is the last payment different?
- Each payment is rounded to the cent, so after the final regular payment a few cents of balance can remain or be overpaid. The last payment is adjusted so the balance ends at exactly $0.00. In the example the last payment is $489.35 compared with $489.15 for the others. Likewise, $1,000.00 at 0% over 3 months is $333.33, $333.33 and $333.34.
- How does an extra monthly payment help?
- The extra goes entirely to principal, so the balance falls faster and later months accrue less interest. In the example, $100.00 extra a month ends the loan after 4 years 1 month (49 payments), 11 months early, and saves $865.40 in interest.
- Why is most of the early payment interest?
- Interest each month is the remaining balance times the monthly rate, and the balance is highest at the start. In the example, the first payment of $489.15 includes $135.42 of interest and $353.73 of principal. As the balance falls, the interest part shrinks and the principal part grows.
- Does this include fees, taxes or insurance?
- No. It covers only the principal and the interest on a fixed-rate loan with equal monthly payments. Origination fees, taxes, insurance and a variable rate are not included, and a lender’s own quote may differ slightly, for example in how it rounds or counts days.
- Is anything I type stored or sent?
- No. The calculation runs in your browser and nothing you enter leaves your device.
How it works
The monthly rate is r = APR ÷ 12 as an exact fraction, and the payment is M = P·r / (1 − (1+r)^−n) for n monthly payments, computed with exact integer arithmetic and rounded to the cent once, half up. At a 0% rate the payment is P ÷ n, rounded the same way. The schedule then runs month by month: interest is the balance times r rounded half up to the cent, the rest of the payment reduces the balance, and the final payment is set to the remaining balance plus its interest, so the balance ends at exactly zero. An extra payment is added to every regular payment; the loan ends in the month the balance is cleared, and months saved and interest saved are measured against the same loan without the extra. The schedule is limited to 600 months. Payments are assumed to be made monthly in arrears, with equal-length months and no fees, taxes or insurance; real lenders can differ in rounding and day counting. This is an estimate for planning and not financial advice. Everything runs in your browser and nothing you type is sent anywhere.
Sources
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