Loan calculator
Find your monthly payment, total interest, payoff date, and full amortization schedule. Add optional fees or extra payments to see your real APR and how much sooner you could be debt-free. Everything runs locally in your browser.
How this loan calculator works
- Enter your loan amount, annual interest rate (APR), and term. The term can be set in years or months.
- The calculator finds your monthly rate (the annual rate divided by 12) and your number of payments (the term in months).
- It applies the amortization formula to get a single fixed monthly payment, then builds the full schedule splitting each payment into principal and interest.
- Add optional fees or extra payments to see your real APR, the interest you would save, and a sooner payoff date.
Example: a 30,000 loan at 7% for 5 years costs roughly 594 per month and 5,642 in total interest.
Loan calculator FAQ
How is a loan payment calculated?
A fixed loan payment comes from the amortization formula: multiply the principal by the monthly rate, then divide by one minus (1 plus the monthly rate) raised to the power of negative the number of payments. The monthly rate is the annual rate divided by 12, and the number of payments is the term in months.
How much is a $30,000 loan per month?
It depends on the rate and term. A 30,000 dollar loan at 7% over 5 years is about 594 dollars a month, with roughly 5,642 dollars of total interest. A longer term lowers the monthly payment but raises total interest.
Is 7% APR good for a loan?
For a personal loan, 7% is on the low, good end. Personal loan rates usually range from about 8% to 36%, so your rate depends heavily on your credit, income and term. Secured loans like auto and mortgage are typically lower.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. The APR includes the interest rate plus fees such as origination charges, so it reflects the true yearly cost and is the better number for comparing loans.
What is the Rule of 78?
The Rule of 78 front-loads interest so you pay more of it early in the loan. If you pay off a Rule of 78 loan early you save less than with simple interest. Most modern loans use simple interest, which is what this calculator models.