Loan Calculator
Estimate scheduled monthly payments, total interest, total repayment and the effect of optional extra monthly payments.
Scheduled monthly payment$495.03
Payment with extra$495.03
Total interest$4,701.80
Total paid$29,701.80
Estimated payoff5 years
View amortization preview
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $495.03 | $349.20 | $145.83 | $24,650.80 |
| 2 | $495.03 | $351.23 | $143.80 | $24,299.57 |
| 3 | $495.03 | $353.28 | $141.75 | $23,946.29 |
| 4 | $495.03 | $355.34 | $139.69 | $23,590.94 |
| 5 | $495.03 | $357.42 | $137.61 | $23,233.53 |
| 6 | $495.03 | $359.50 | $135.53 | $22,874.03 |
| 7 | $495.03 | $361.60 | $133.43 | $22,512.43 |
| 8 | $495.03 | $363.71 | $131.32 | $22,148.72 |
| 9 | $495.03 | $365.83 | $129.20 | $21,782.89 |
| 10 | $495.03 | $367.96 | $127.07 | $21,414.93 |
| 11 | $495.03 | $370.11 | $124.92 | $21,044.82 |
| 12 | $495.03 | $372.27 | $122.76 | $20,672.55 |
| 60 | $495.03 | $492.16 | $2.87 | $0.00 |
How to use the Loan Calculator
- Enter the loan amount.
- Enter the annual interest rate and loan term.
- Optionally add an extra monthly payment.
- Review payments, interest, payoff time and the amortization preview.
Examples
Five-year loan
Estimate payments on a $25,000 five-year loan at 7% annual interest.
Frequently asked questions
Is the Loan Calculator free to use?
Yes. You can use the tool without creating an account.
What does an extra payment do?
An extra payment reduces principal faster and can reduce total interest and payoff time.
Is this a lender quote?
No. It is an estimate based on the values entered and does not include lender-specific fees or rules.
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