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Loan Payment Calculator

Find your monthly payment and total cost for any fixed-rate loan.

Updated June 2026 · Editorial standards

Your details

$
%

5 years

Monthly payment
$512.91
Total payment
$30,775
Total interest
$5,775

You'll pay $5,775 in interest on this $25,000 loan — adding 23% to the total cost over 5 years.

Cumulative principal & interest paid

What you'll pay

Interest burden

LowVery high
Average23% of principal

Total interest as a share of the loan. Below 15% is low; above 35% is high for a consumer loan.

Amortization schedule

MonthPaymentPrincipalBalance
Month 1$512.91$335.83$24,664
Month 2$512.91$338.21$24,326
Month 3$512.91$340.60$23,985
Month 4$512.91$343.02$23,642
Month 5$512.91$345.45$23,297
Month 6$512.91$347.89$22,949
Month 7$512.91$350.36$22,599
Month 8$512.91$352.84$22,246
Month 9$512.91$355.34$21,890
Month 10$512.91$357.86$21,533
Month 11$512.91$360.39$21,172
Month 12$512.91$362.94$20,809
By the KalkWise Editorial Team Reviewed for accuracy Updated June 2026

What is the loan payment calculator?

In short

A fixed-rate loan payment is found with M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan amount, r is the monthly rate, and n is the number of payments. The same formula works for personal, auto, and student loans. Shorter terms mean higher payments but less total interest.

This loan payment calculator finds the monthly payment, total cost, and amortization schedule for any fixed-rate loan — personal, auto, or student.

How to use this calculator

  1. 1Enter the loan amount.
  2. 2Set the annual interest rate.
  3. 3Choose the loan term.
  4. 4Read the monthly payment and total interest.
  5. 5Open the schedule to see principal vs. interest each month.

The formula

M=P×r(1+r)n(1+r)n−1
The amortization formula solves for the level monthly payment that pays off the whole loan — principal plus interest — in exactly n payments.
M
— Monthly payment
P
— Loan amount
r
— Monthly interest rate (annual ÷ 12)
n
— Number of payments

Worked example

The scenario

$25,000 loan at 8.5% for 60 months.

gives

The result

The monthly payment is about $513, and you pay roughly $5,770 in total interest.

Common use cases

  • Budgeting for a car or personal loan
  • Comparing loan offers with different rates or terms
  • Seeing the interest cost of a longer term
  • Planning extra payments to save interest

Limitations & assumptions

  • Assumes a fixed rate and equal monthly payments.
  • Excludes origination fees and insurance add-ons.
  • Does not model prepayment penalties.

Frequently asked questions

The interest rate is the base cost of borrowing; APR also includes fees, giving a fuller picture of the annual cost. On a $25,000 car loan at 7% with $500 in origination fees, the interest rate is 7% but the APR is ~7.4%. Always compare APRs when shopping loans.

Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.