Calculate the monthly payment and total interest for any loan.
Over 5 years you'll pay $30,415 to borrow $25,000 — that's $5,415 in interest, or 21.7% of the principal.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 001May 2026 | $506.91 | $340.24 | $166.67 | $24,659.76 |
| 002Jun 2026 | $506.91 | $342.51 | $164.40 | $24,317.25 |
| 003Jul 2026 | $506.91 | $344.79 | $162.11 | $23,972.45 |
| 004Aug 2026 | $506.91 | $347.09 | $159.82 | $23,625.36 |
| 005Sep 2026 | $506.91 | $349.41 | $157.50 | $23,275.95 |
| 006Oct 2026 | $506.91 | $351.74 | $155.17 | $22,924.21 |
| 007Nov 2026 | $506.91 | $354.08 | $152.83 | $22,570.13 |
| 008Dec 2026 | $506.91 | $356.44 | $150.47 | $22,213.69 |
| 009Jan 2027 | $506.91 | $358.82 | $148.09 | $21,854.87 |
| 010Feb 2027 | $506.91 | $361.21 | $145.70 | $21,493.66 |
| 011Mar 2027 | $506.91 | $363.62 | $143.29 | $21,130.04 |
| 012Apr 2027 | $506.91 | $366.04 | $140.87 | $20,764.00 |
An amortizing loan uses a fixed monthly payment: M = P · r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the amount, r the monthly rate, and n the number of months. Each payment covers interest on the remaining balance first, with the rest reducing principal — so the interest portion shrinks over time.
The questions readers ask most about the loan calculator.