Loan Calculator
Calculate loan payments, interest, repayment, and payoff schedule.
Monthly payment
$396.02
- Base payment
- $396.02
- Total interest
- $3,761.44
- Total repayment
- $23,761.44
- Payoff time
- 60 months
Balance over time
| Payment | Amount | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $396.02 | $279.36 | $116.67 | $19,720.64 |
| 2 | $396.02 | $280.99 | $115.04 | $19,439.66 |
| 3 | $396.02 | $282.63 | $113.40 | $19,157.03 |
| 4 | $396.02 | $284.27 | $111.75 | $18,872.76 |
| 5 | $396.02 | $285.93 | $110.09 | $18,586.82 |
| 6 | $396.02 | $287.60 | $108.42 | $18,299.22 |
| 7 | $396.02 | $289.28 | $106.75 | $18,009.94 |
| 8 | $396.02 | $290.97 | $105.06 | $17,718.98 |
| 9 | $396.02 | $292.66 | $103.36 | $17,426.31 |
| 10 | $396.02 | $294.37 | $101.65 | $17,131.94 |
| 11 | $396.02 | $296.09 | $99.94 | $16,835.86 |
| 12 | $396.02 | $297.81 | $98.21 | $16,538.04 |
| 13 | $396.02 | $299.55 | $96.47 | $16,238.49 |
| 14 | $396.02 | $301.30 | $94.72 | $15,937.19 |
| 15 | $396.02 | $303.06 | $92.97 | $15,634.13 |
| 16 | $396.02 | $304.82 | $91.20 | $15,329.31 |
| 17 | $396.02 | $306.60 | $89.42 | $15,022.70 |
| 18 | $396.02 | $308.39 | $87.63 | $14,714.31 |
| 19 | $396.02 | $310.19 | $85.83 | $14,404.12 |
| 20 | $396.02 | $312.00 | $84.02 | $14,092.12 |
| 21 | $396.02 | $313.82 | $82.20 | $13,778.30 |
| 22 | $396.02 | $315.65 | $80.37 | $13,462.65 |
| 23 | $396.02 | $317.49 | $78.53 | $13,145.16 |
| 24 | $396.02 | $319.34 | $76.68 | $12,825.82 |
| 25 | $396.02 | $321.21 | $74.82 | $12,504.61 |
| 26 | $396.02 | $323.08 | $72.94 | $12,181.53 |
| 27 | $396.02 | $324.97 | $71.06 | $11,856.56 |
| 28 | $396.02 | $326.86 | $69.16 | $11,529.70 |
| 29 | $396.02 | $328.77 | $67.26 | $11,200.94 |
| 30 | $396.02 | $330.69 | $65.34 | $10,870.25 |
| 31 | $396.02 | $332.61 | $63.41 | $10,537.64 |
| 32 | $396.02 | $334.55 | $61.47 | $10,203.08 |
| 33 | $396.02 | $336.51 | $59.52 | $9,866.58 |
| 34 | $396.02 | $338.47 | $57.56 | $9,528.11 |
| 35 | $396.02 | $340.44 | $55.58 | $9,187.66 |
| 36 | $396.02 | $342.43 | $53.59 | $8,845.23 |
| 37 | $396.02 | $344.43 | $51.60 | $8,500.81 |
| 38 | $396.02 | $346.44 | $49.59 | $8,154.37 |
| 39 | $396.02 | $348.46 | $47.57 | $7,805.92 |
| 40 | $396.02 | $350.49 | $45.53 | $7,455.43 |
| 41 | $396.02 | $352.53 | $43.49 | $7,102.89 |
| 42 | $396.02 | $354.59 | $41.43 | $6,748.30 |
| 43 | $396.02 | $356.66 | $39.37 | $6,391.64 |
| 44 | $396.02 | $358.74 | $37.28 | $6,032.90 |
| 45 | $396.02 | $360.83 | $35.19 | $5,672.07 |
| 46 | $396.02 | $362.94 | $33.09 | $5,309.13 |
| 47 | $396.02 | $365.05 | $30.97 | $4,944.08 |
| 48 | $396.02 | $367.18 | $28.84 | $4,576.90 |
| 49 | $396.02 | $369.33 | $26.70 | $4,207.57 |
| 50 | $396.02 | $371.48 | $24.54 | $3,836.09 |
| 51 | $396.02 | $373.65 | $22.38 | $3,462.44 |
| 52 | $396.02 | $375.83 | $20.20 | $3,086.62 |
| 53 | $396.02 | $378.02 | $18.01 | $2,708.60 |
| 54 | $396.02 | $380.22 | $15.80 | $2,328.38 |
| 55 | $396.02 | $382.44 | $13.58 | $1,945.93 |
| 56 | $396.02 | $384.67 | $11.35 | $1,561.26 |
| 57 | $396.02 | $386.92 | $9.11 | $1,174.34 |
| 58 | $396.02 | $389.17 | $6.85 | $785.17 |
| 59 | $396.02 | $391.44 | $4.58 | $393.73 |
| 60 | $396.02 | $393.73 | $2.30 | $0.00 |
Results are estimates for informational purposes only and are not financial advice.
What if you paid extra each month?
See how a different extra payment changes the payoff time and interest.
| Measure | Original | New | Difference | % difference |
|---|---|---|---|---|
| Monthly payment | $396.02 | $496.02 | +$100.00 | +25.25% |
| Total interest | $3,761.44 | $2,867.72 | -$893.72 | -23.76% |
| Total repaid | $23,761.44 | $22,867.72 | -$893.72 | -3.76% |
| Months to payoff | 60 | 47 | -13 | -21.67% |
Compare two loans
Put two loan offers side by side.
Loan A
Loan B
| Measure | Loan A | Loan B | Difference |
|---|---|---|---|
| Monthly payment | $396.02 | $396.02 | $0.00 |
| Total interest | $3,761.44 | $3,761.44 | $0.00 |
| Total repaid | $23,761.44 | $23,761.44 | $0.00 |
| Months to payoff | 60 | 60 | 0 |
Loan A and Loan B look the same on total interest.
What this calculator does
Estimate a fixed installment loan, including zero-interest and extra-payment scenarios.
Inputs and what they mean
- Loan amount
- — number value.
- Annual interest rate
- — number value.
- Duration
- — number value.
- Extra monthly payment
- — number value.
How to use it
- Enter the values for your estimate.
- Adjust the rate, duration, and optional scenario inputs.
- Review the totals, comparison, chart, and schedule where available.
Formula
For interest-bearing loans, payment uses the standard fixed-payment amortization formula. At 0% interest, payment is principal ÷ months.
Worked example
$20,000 five-year loan
Estimate payments on $20,000 at 7% for five years.
Reading the result
The headline figure is the main answer. Any breakdown underneath shows the parts that make it up, so you can check the working and see what changes when you adjust an input.
Limitations and assumptions
Results are estimates for informational purposes only and are not financial advice.
Common questions
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