Loan Calculator
Calculate monthly payment, total interest, and total cost for any loan.
$
60 monthly payments
Monthly Payment
$489.15
per month for 5 years
Principal$25,000.00
Total Interest$4,349.22
Total Cost$29,349.22
Cost Breakdown
Principal 85%Interest 15%
Get a Full Amortization Schedule
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Frequently Asked Questions
How is a monthly loan payment calculated?
Monthly payment = P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.
What is the difference between interest rate and APR?
The interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus fees. APR gives a more complete picture of the total loan cost.
How can I reduce total interest paid on a loan?
Make a larger down payment to reduce principal, choose a shorter loan term, make extra principal payments each month, or refinance if rates drop significantly.