Loan calculator
Find the monthly payment, total interest and yearly breakdown of any fixed rate loan.
Monthly paymentUSD 495
- Total interest
- USD 4,702
- Total you pay back
- USD 29,702
- Amount borrowedUSD 25,00084%
- Interest or markupUSD 4,70216%
- Balance left
Year by year
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| 1 | USD 4,327 | USD 1,613 | USD 20,673 |
| 2 | USD 4,640 | USD 1,300 | USD 16,032 |
| 3 | USD 4,976 | USD 965 | USD 11,057 |
| 4 | USD 5,335 | USD 605 | USD 5,721 |
| 5 | USD 5,721 | USD 219 | USD 0 |
- Results are estimates. Banks add fees, insurance and their own rounding, so your lender's figures may differ slightly.
About this calculator
A fixed rate loan is repaid in equal monthly payments. Each payment covers the interest for the month and pays down part of the amount you borrowed.
Enter the loan amount, the yearly interest rate and the term to see the monthly payment, the total interest and how the balance falls year by year.
How it works
- The yearly rate is split into twelve monthly rates.
- The payment is calculated so the loan reaches zero at the end of the term.
- Early payments are mostly interest. Later payments are mostly principal.
Common questions
- How is the monthly payment calculated?
- With the standard amortisation formula, which finds the equal payment that clears the loan, interest included, over the term.
- Does a longer term cost more?
- The monthly payment is lower, but you pay interest for longer, so the total cost is higher.