This calculator answers the two questions that matter for any fixed-rate loan: what will I pay each month, and what does the loan really cost once interest is added? It covers personal loans, student loans, car loans without trade-ins, business term loans and private lending.
Monthly payment
$506.91
60 payments of $506.91 on $25,000 at 8%.
| Year | Payments | Interest | Principal | Balance |
|---|---|---|---|---|
| Year 1 | $6,083 | $1,847 | $4,236 | $20,764 |
| Year 2 | $6,083 | $1,495 | $4,588 | $16,176 |
| Year 3 | $6,083 | $1,115 | $4,968 | $11,208 |
| Year 4 | $6,083 | $702 | $5,381 | $5,827 |
| Year 5 | $6,083 | $256 | $5,827 | $0 |
| Year | Payments | Interest | Principal | Balance | |
|---|---|---|---|---|---|
| 1 | Sep 2026 | $506.91 | $166.67 | $340.24 | $24,659.76 |
| 2 | Oct 2026 | $506.91 | $164.40 | $342.51 | $24,317.25 |
| 3 | Nov 2026 | $506.91 | $162.11 | $344.79 | $23,972.45 |
| 4 | Dec 2026 | $506.91 | $159.82 | $347.09 | $23,625.36 |
| 5 | Jan 2027 | $506.91 | $157.50 | $349.41 | $23,275.95 |
| 6 | Feb 2027 | $506.91 | $155.17 | $351.74 | $22,924.21 |
| 7 | Mar 2027 | $506.91 | $152.83 | $354.08 | $22,570.13 |
| 8 | Apr 2027 | $506.91 | $150.47 | $356.44 | $22,213.69 |
| 9 | May 2027 | $506.91 | $148.09 | $358.82 | $21,854.87 |
| 10 | Jun 2027 | $506.91 | $145.70 | $361.21 | $21,493.66 |
| 11 | Jul 2027 | $506.91 | $143.29 | $363.62 | $21,130.04 |
| 12 | Aug 2027 | $506.91 | $140.87 | $366.04 | $20,764.00 |
| 13 | Sep 2027 | $506.91 | $138.43 | $368.48 | $20,395.51 |
| 14 | Oct 2027 | $506.91 | $135.97 | $370.94 | $20,024.57 |
| 15 | Nov 2027 | $506.91 | $133.50 | $373.41 | $19,651.16 |
| 16 | Dec 2027 | $506.91 | $131.01 | $375.90 | $19,275.26 |
| 17 | Jan 2028 | $506.91 | $128.50 | $378.41 | $18,896.85 |
| 18 | Feb 2028 | $506.91 | $125.98 | $380.93 | $18,515.92 |
| 19 | Mar 2028 | $506.91 | $123.44 | $383.47 | $18,132.45 |
| 20 | Apr 2028 | $506.91 | $120.88 | $386.03 | $17,746.42 |
| 21 | May 2028 | $506.91 | $118.31 | $388.60 | $17,357.82 |
| 22 | Jun 2028 | $506.91 | $115.72 | $391.19 | $16,966.63 |
| 23 | Jul 2028 | $506.91 | $113.11 | $393.80 | $16,572.83 |
| 24 | Aug 2028 | $506.91 | $110.49 | $396.42 | $16,176.41 |
| 25 | Sep 2028 | $506.91 | $107.84 | $399.07 | $15,777.34 |
| 26 | Oct 2028 | $506.91 | $105.18 | $401.73 | $15,375.61 |
| 27 | Nov 2028 | $506.91 | $102.50 | $404.41 | $14,971.21 |
| 28 | Dec 2028 | $506.91 | $99.81 | $407.10 | $14,564.11 |
| 29 | Jan 2029 | $506.91 | $97.09 | $409.82 | $14,154.29 |
| 30 | Feb 2029 | $506.91 | $94.36 | $412.55 | $13,741.74 |
| 31 | Mar 2029 | $506.91 | $91.61 | $415.30 | $13,326.44 |
| 32 | Apr 2029 | $506.91 | $88.84 | $418.07 | $12,908.38 |
| 33 | May 2029 | $506.91 | $86.06 | $420.85 | $12,487.52 |
| 34 | Jun 2029 | $506.91 | $83.25 | $423.66 | $12,063.86 |
| 35 | Jul 2029 | $506.91 | $80.43 | $426.48 | $11,637.38 |
| 36 | Aug 2029 | $506.91 | $77.58 | $429.33 | $11,208.05 |
The monthly view lists the first 36 payments; the CSV export contains all 60.
Enter an amount, a rate and a term, and the schedule appears immediately — including a downloadable CSV you can open in a spreadsheet or send to an accountant. Nothing is uploaded, so you can test the numbers in a real offer before you sign anything.
Monthly payment = P × i / (1 − (1 + i)^−n), where P is the amount borrowed, i is the monthly interest rate and n is the number of months in the term.
Total interest is the monthly payment multiplied by the number of payments, minus the amount borrowed. That single figure is where short and long terms differ most.
Stretching a loan over more months lowers the payment but raises the total interest, because the balance stays outstanding for longer. On a $25,000 loan at 8%, a 5-year term costs roughly $5,400 in interest while a 7-year term costs around $7,700.
The rate still matters, so if you are comparing offers, compare the APR rather than the headline rate: fees change the effective cost and the APR calculator shows that difference.
There are no origination fees, late charges or insurance products in the model, and the rate is treated as fixed for the whole term. Variable-rate loans need a payment for each rate scenario instead.
Payments are monthly and interest is charged monthly on the outstanding balance, which matches how most consumer loans are documented in the United States, Canada, the UK and Australia.
Each example below was run through the calculator on this page when the site was built, so the numbers match what you see when you enter the same inputs.
Monthly payment
$506.91
60 payments of $506.91 on $25,000 at 8%.
A shorter term keeps total interest near 20% of the amount borrowed.
Monthly payment
$704.41
120 payments of $704.41 on $60,000 at 7.25%.
Doubling the term lowers the payment by about 40% but roughly doubles the interest.
Monthly payment
$235.37
24 payments of $235.37 on $5,000 at 12%.
High rates hurt most when the loan is short: interest is still several hundred dollars.
For a fixed-rate, fully amortizing loan, yes. Each payment is identical, but the split between interest and principal shifts every month: early payments are mostly interest, later payments are mostly principal.
The interest rate prices the money you borrow. The APR also folds in upfront fees such as an origination fee or discount points, so it is the better number for comparing two offers. Use the APR calculator when a lender quotes you both.
A lot. Because interest is charged on the outstanding balance, extending the term keeps the balance alive longer. On the same $25,000 loan at 8%, moving from 5 years to 7 years adds roughly $2,300 of interest in exchange for a lower monthly payment.
Most simple-interest personal loans allow early repayment, and you save the interest that would have been charged on the remaining balance. Check for a prepayment penalty, which some lenders charge as a flat fee or a percentage of the remaining balance.
Choose the shortest term whose payment you can still make comfortably in a bad month, then keep an emergency fund. A loan that strains the budget tends to become a longer, more expensive loan later.
Yes, but the dedicated tools model those products better: the mortgage calculator adds property tax, insurance and mortgage insurance, and the auto loan calculator handles trade-in value, sales tax and dealer fees.
Last reviewed 2026-09-13. This page is an estimate tool, not financial, tax or legal advice.Read the full disclaimer.