Loan calculator
Updated Updated for 2026 tax law
Work out the monthly payment on any fixed-rate loan — or flip it around to see how much you can borrow for a payment you can afford, or how long payoff will take.
- Principal$25,000
- Interest$5,415
Amortization schedule (60 payments)
| Year | Ends | Paid | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Nov 2027 | $6,082.92 | $4,235.99 | $1,846.93 | $20,764.01 |
| 2 | Nov 2028 | $6,082.92 | $4,587.58 | $1,495.34 | $16,176.43 |
| 3 | Nov 2029 | $6,082.92 | $4,968.37 | $1,114.55 | $11,208.06 |
| 4 | Nov 2030 | $6,082.92 | $5,380.72 | $702.20 | $5,827.34 |
| 5 | Nov 2031 | $6,082.94 | $5,827.34 | $255.60 | $0.00 |
How to use the loan calculator
- Choose what to calculate: the payment, the loan amount you can afford, or the payoff time.
- Enter the known values — amount, payment, rate (APR) and term.
- Read the result, total interest and payoff date, then open the schedule for every payment.
Loan formulas
Loan amount: P = M × (1 − (1 + i)−n) ÷ i
Number of payments: n = −ln(1 − P × i ÷ M) ÷ ln(1 + i)
i = annual rate ÷ 12 · if the rate is 0%, M = P ÷ n
If the payment is less than or equal to the first month's interest (P × i), the loan never gets paid off — the calculator warns you.
Monthly payment per $10,000 borrowed
| Rate | 2 yr | 3 yr | 4 yr | 5 yr | 7 yr | 10 yr |
|---|---|---|---|---|---|---|
| 4% | $434.25 | $295.24 | $225.79 | $184.17 | $136.69 | $101.25 |
| 6% | $443.21 | $304.22 | $234.85 | $193.33 | $146.09 | $111.02 |
| 8% | $452.27 | $313.36 | $244.13 | $202.76 | $155.86 | $121.33 |
| 10% | $461.45 | $322.67 | $253.63 | $212.47 | $166.01 | $132.15 |
| 12% | $470.73 | $332.14 | $263.34 | $222.44 | $176.53 | $143.47 |
| 15% | $484.87 | $346.65 | $278.31 | $237.90 | $192.97 | $161.33 |
| 20% | $508.96 | $371.64 | $304.30 | $264.94 | $222.06 | $193.26 |
| 25% | $533.72 | $397.60 | $331.57 | $293.51 | $253.12 | $227.49 |
Scale linearly: a $25,000 loan costs 2.5× the figures above.
Disclaimer: Estimates for information only — not financial, lending or legal advice. Your lender's Loan Estimate and disclosures are the binding numbers. Assumes a fixed rate and equal monthly payments.
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Frequently asked questions
How do I calculate a monthly loan payment?
Use M = P × i ÷ (1 − (1 + i)^−n), where P is the amount, i the annual rate ÷ 12 and n the number of months. For $25,000 at 8% over 5 years: i = 0.006667, n = 60, so M = $506.91.
How much interest will I pay?
Multiply the payment by the number of payments and subtract the amount borrowed. On $25,000 at 8% for 5 years that's $506.91 × 60 − $25,000 ≈ $5,414.62.
Does a longer term save money?
No — it lowers the monthly payment but increases total interest, because you owe the money for longer (and longer terms often carry higher rates). Choose the shortest term whose payment you can comfortably afford.
Is the interest rate the same as APR?
Not always. APR includes certain fees, like origination fees, spread over the loan's life. When a loan has upfront fees, the APR is higher than the interest rate. Compare loans by APR.
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Estimates for information only — not tax, legal or financial advice.