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Loan Payment Calculator
A fixed-rate loan charges interest on what is still owed, so early payments are mostly interest and later ones mostly principal. Enter the amount, the annual rate and the number of months to see the payment, the lifetime cost and how the balance falls each year.
How to use it
- Enter the amount borrowed and the annual interest rate as a percentage.
- Set the term in months — five years is 60, thirty years is 360.
- Read the monthly payment, then scan the table to see interest against principal per year.
Examples
- 20,000 at 7.5% over 60 months → about 400.76 a month and roughly 4,046 of interest.
- Same loan over 84 months: the payment drops but the total interest rises by well over a thousand.
- Rate cut to 5.5%: about 382 a month, saving roughly 1,100 across the term.
Questions people ask
Does this include fees, insurance or taxes?
No. It calculates principal and interest only. Origination fees, insurance, local taxes and any charge added by the lender sit on top, which is why an official APR is usually higher than the rate you entered here.
How much does paying extra actually save?
Every extra amount goes straight against the balance, so all future interest on that portion disappears. Shorten the term in the calculator until the payment matches what you can afford, and compare the total interest figures to see the effect.
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Updated: 2026-08-07