Loan Calculator
Estimate monthly loan payments, total interest, total repayment, and amortization schedule for personal loans, auto loans, and more.
Quick Answer
A loan calculator estimates monthly payments, total interest, total repayment, and amortization based on loan amount, interest rate, and loan term.
Loan Payment Formula
For a $20,000 loan at 7% for 5 years: r = 7%/12 = 0.5833%, n = 60 months.
Example: $20,000 Personal Loan
Given
Loan Amount
$20,000
Interest Rate
7% APR
Term
5 Years
Steps
- 1Monthly rate r = 7% / 12 = 0.5833%
- 2Number of payments n = 5 × 12 = 60
- 3Monthly payment = 20,000 × 0.005833 × (1.005833)^60 / ((1.005833)^60 − 1)
- 4Monthly payment ≈ $396.02
- 5Total repayment = $396.02 × 60 = $23,761
- 6Total interest = $23,761 − $20,000 = $3,761
Result
Monthly payment: $396.02 | Total interest: $3,761
How to Use This Calculator
- 1
Enter the loan amount (the amount you plan to borrow).
- 2
Enter the annual interest rate as a percentage (e.g., 7 for 7%).
- 3
Enter the loan term in years (e.g., 5 for a 5-year loan).
- 4
Optionally enter an extra monthly payment to see how it reduces interest.
- 5
Click Calculate to see monthly payment, total interest, and amortization.
- 6
Click 'Show Amortization Schedule' to see the full payment-by-payment breakdown.
Frequently Asked Questions
This calculator provides estimates only and is not financial advice. Actual loan terms may vary by lender, credit profile, fees, and payment schedule.
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Last updated: June 2026