Loan CalculatorAuto LoanPersonal LoanAboutContactPrivacy

Free Loan Calculator

Calculate monthly payments, total interest, and view your full amortization schedule.

Loan Details
Monthly Payment
$489.15
60 months (5 years)
Total Paid
$29,349
Total Interest
$4,349
Principal
$25,000
Interest Saved
$0.00
Principal vs Interest
Amortization Schedule
#PaymentPrincipalInterestBalance

More Calculators

Auto Loan CalculatorCar payment with trade-in and sales tax
Personal Loan CalculatorFixed-rate personal loan estimator
Mortgage CalculatorHome loan payment estimator

Frequently Asked Questions

How is the monthly payment calculated?
We use the standard PMT formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the number of monthly payments. This is the same formula used by all major banks and lenders.
What is an amortization schedule?
An amortization schedule shows you exactly how much of each monthly payment goes toward principal vs. interest. In the early months, most of your payment goes to interest. As you pay down the principal, more goes toward the loan balance. Our schedule shows this breakdown for every month.
How much can I save with extra payments?
Even small extra payments can save thousands. For example, adding just $100/month to a $25,000 loan at 6.5% for 5 years saves you about $580 in interest and pays off the loan 10 months early. Use the "Extra Monthly Payment" field above to see your specific savings.
What's a good interest rate for a personal loan?
In 2025, good personal loan rates range from 6-12% for excellent credit (720+), 12-18% for good credit (680-719), and 18-30% for fair credit (580-679). Rates depend on your credit score, income, debt-to-income ratio, and the lender.
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. The APR (Annual Percentage Rate) includes the interest rate PLUS any fees (origination, closing costs), giving you the true total cost. APR is always equal to or higher than the interest rate.

How to Use This Loan Calculator

Our free loan calculator helps you understand the true cost of borrowing before you apply. Enter your loan amount, interest rate, and term to see your monthly payment, total interest, and complete amortization schedule.

Perfect For

Tips to Get a Lower Interest Rate

  1. Check your credit score — Higher score = lower rate. Aim for 720+
  2. Shop around — Compare at least 3 lenders before deciding
  3. Choose shorter terms — 3-year loans have lower rates than 5-year
  4. Consider a co-signer — A co-signer with good credit can lower your rate
  5. Negotiate — Banks expect you to ask for better rates