Which of the four numbers do you need?
Pick the number you don't know under "Solve for" and enter the other three. Each row below is a different question about a different loan.
| Your question | Solve for | You enter | Answer |
|---|---|---|---|
| What will my payment be? | Payment | $25,000, 8.5%, 5 years | $512.91 a month |
| How much can I borrow? | Amount | $600 a month, 9%, 5 years | About $28,904 |
| How long until it's paid off? | Time | $15,000, 10%, $400 a month | 3 yrs 10 mos |
| What rate am I paying? | Rate | $10,000, $350 a month, 36 months | 15.68% |
Rate mode is the one to use when an offer only quotes a payment. Say a store offers $5,000 of furniture for "only $189 a month" over 36 months. You'd repay $6,804, and the implied rate is 21.24%. If the deal also has an upfront charge, enter it under Fees in the advanced options to see the APR.
What is the monthly payment on a $10,000, $25,000, or $50,000 loan?
At an example 9% rate, a $25,000 loan costs $795 a month over 3 years and $402 over 7 years. The longer loan frees up $393 a month, but its interest is $8,787 instead of $3,620.
| Loan amount | 2 years | 3 years | 5 years | 7 years | 10 years |
|---|---|---|---|---|---|
| $5,000 | $228 | $159 | $104 | $80 | $63 |
| $10,000 | $457 | $318 | $208 | $161 | $127 |
| $15,000 | $685 | $477 | $311 | $241 | $190 |
| $25,000 | $1,142 | $795 | $519 | $402 | $317 |
| $50,000 | $2,284 | $1,590 | $1,038 | $804 | $633 |
| $100,000 | $4,568 | $3,180 | $2,076 | $1,609 | $1,267 |
How much can I borrow for $300, $500, or $1,000 a month?
A $500 monthly payment over 5 years repays about $24,087 at an example 9% rate. The rate moves that number a lot: $25,251 at 7%, but only $19,690 at 18%.
| Monthly payment | 7% | 10% | 14% | 18% | 24% |
|---|---|---|---|---|---|
| $200 | $10,100 | $9,413 | $8,595 | $7,876 | $6,952 |
| $300 | $15,151 | $14,120 | $12,893 | $11,814 | $10,428 |
| $500 | $25,251 | $23,533 | $21,489 | $19,690 | $17,380 |
| $750 | $37,876 | $35,299 | $32,233 | $29,535 | $26,071 |
| $1,000 | $50,502 | $47,065 | $42,977 | $39,380 | $34,761 |
This answer has two catches. It shows what a payment can repay, not what a lender will approve, since a lender also looks at your credit and income. And it's the loan amount, not your cash. If a 5% fee comes out of a $24,087 loan, you'd receive $22,882. Start from a payment that fits your budget, not from the largest loan on offer.
How long will it take to pay off my loan?
It depends mostly on how far your payment sits above the monthly interest. A $15,000 balance at 10% takes 3 yrs 10 mos at $400 a month, and 9 yrs 11 mos at $200.
| Monthly payment | Time to repay | Total interest |
|---|---|---|
| $150 | 18 yrs | $17,386 |
| $200 | 9 yrs 11 mos | $8,638 |
| $300 | 5 yrs 5 mos | $4,485 |
| $400 | 3 yrs 10 mos | $3,060 |
| $500 | 2 yrs 11 mos | $2,333 |
| $750 | 1 yr 10 mos | $1,477 |
Look at the top row. This balance charges $125 of interest in the first month, so a $150 payment knocks off only $25 of principal. You'd pay $17,386 in interest on a $15,000 debt. At $125 or less, the loan never ends, and the calculator warns you.
To see how many payments you have left on a loan you already have, use Time mode. Enter today's balance from your statement, not the original amount, along with your rate and payment.
Does paying extra on a loan save money?
Yes, when interest is charged on the unpaid balance. Adding $100 a month to the $25,000 loan saves $1,166 and ends it 11 mos early. Enter it under "Extra each month" in the advanced options.
This calculator assumes interest is figured on your balance each month. Some loans use precomputed interest, where the finance charge is set at the start, so extra payments may save less than shown. Federal rules require your Truth in Lending disclosure to say whether a charge can apply for paying early, or on a precomputed loan, whether you'd get a rebate of the finance charge. Read that line first.
How to calculate a loan payment by hand
Use the standard amortization formula, where M is the payment, P the amount, r the annual rate divided by 12, and n the number of payments.
M = P × r(1 + r)^n ÷ ((1 + r)^n − 1)For $25,000 at 8.5% over 60 months, r is 0.007083, which gives $512.91. In month one, $177.08 goes to interest and $335.83 to principal. Interest is charged on the balance, so the split shifts toward principal with every payment. The amortization schedule shows that split by year or payment by payment.
Can I use this for a boat, RV, motorcycle, or land loan?
Yes, if the loan has a fixed rate and equal monthly payments. Enter the amount after your down payment. It doesn't model variable rates, balloon payments, annual payments, or late fees. For costs beyond the loan itself, or for balloon terms, a more specific tool fits better:
- Mortgage calculator for property tax, insurance, and PMI.
- Auto loan calculator for trade-ins, sales tax, and dealer fees.
- Personal loan calculator for origination fees and consolidating debt.
- Business loan calculator for balloon and interest-only terms.
Your loan agreement overrides any estimate here. If a payment is already hard to make, call your lender before you miss one, and consider a nonprofit credit counselor. The FTC suggests interviewing a few and avoiding anyone who charges before they've helped you.
Common questions
Is the interest rate the same as the APR?
No. The interest rate is the cost of borrowing the money, and the APR also counts the lender's fees. Enter the interest rate here. Entering an APR as the rate overstates your payment. To compare offers with different fees, use the APR calculator.
How much interest will I pay on a $10,000 loan?
At an example 9% rate, you'd pay $1,448 over 3 years or $2,455 over 5 years. Total interest shows up in the results for any amount, rate, and term you enter.
Should I choose a shorter term or pay extra on a longer one?
At the same rate, they cost about the same. Paying $789.19 a month on a 5-year $25,000 loan clears it in 3 yrs, with $3,411 in interest, against $3,411 on a true 3-year loan. The longer loan lets you drop back to the lower required payment in a tight month. If the lender quotes a lower rate for the shorter term, run both.
Can I add a down payment?
There's no separate field, because a down payment simply shrinks the loan. Subtract it from the price and enter the rest as the loan amount. For a vehicle, the auto loan calculator does this for you and adds tax and fees.
Why is my lender's number a little different?
Lenders can count days differently, and your first payment date may not fall exactly one month after funding. This calculator treats every month as one-twelfth of a year and rounds to the cent each month. Small differences are normal. For a large gap, check for a fee, an add-on, or a different rate.
Can I download the amortization schedule?
Yes. The results include a schedule by year and a payment-by-payment schedule, to the cent, and you can download them as a CSV to open in a spreadsheet.
Sources
- What is the difference between a loan interest rate and the APR? · Consumer Financial Protection Bureau
- Regulation Z § 1026.18: Content of disclosures · Consumer Financial Protection Bureau
- How to get out of debt · Federal Trade Commission