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Loan Calculator

Work out the monthly payment on any fixed-rate loan — personal, auto or student — and see exactly how much interest you'll pay over its lifetime.

Loan details

Monthly payment
$519
  • Principal
  • Total interest
Total of payments
Total interest
Payoff date
Interest as % of loan

Amortization schedule

Period Principal Interest Balance
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How it works

A fixed-rate loan uses the standard amortizing-payment formula:

M = P × [ r(1 + r)n ] / [ (1 + r)n − 1 ]

Each payment covers that month's interest first; the remainder reduces the balance, so interest shrinks and principal grows over time.

Worked example

Borrow $25,000 over 5 years at 9%:

Frequently asked questions

What counts as the loan principal?
The principal is the amount you actually borrow, before interest. If a lender adds origination fees to the balance, include them in the loan amount so the payment reflects what you'll really repay.
Does a longer term lower my payment?
Yes — stretching the term lowers each monthly payment, but you pay interest for more months, so the total cost is higher. A shorter term costs more per month but far less overall.
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR also folds in certain fees, so it's usually a little higher and is the better number for comparing loan offers.
Can I pay a loan off early?
Often yes, and extra payments go straight to principal, cutting total interest. Check your agreement first — some loans carry a prepayment penalty.

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