Calculate the monthly repayment on any fixed-rate loan and see exactly how much goes to interest versus principal.
How the Loan Calculator works
The loan calculator amortizes any fixed-rate installment loan. It finds a level monthly payment so the balance reaches zero on the final month, splitting each payment between interest on the remaining balance and principal repayment.
Example calculation
A $20,000 personal loan at 11.5% over 5 years works out to about $440 per month and roughly $6,400 in total interest. Cutting the term to 3 years raises the payment but reduces interest significantly.
Tips for using the Loan Calculator
- A shorter term means a higher payment but much less total interest.
- Check for origination fees — they raise the true cost beyond the APR shown.
- Extra payments go straight to principal and shorten the loan.
Loan Calculator — frequently asked questions
- What is APR?
- The yearly cost of borrowing including interest. This tool treats it as a nominal annual rate compounded monthly.
- Does paying extra help?
- Yes — anything above the scheduled payment reduces principal, shortening the term and total interest.
- Does this work for any loan type?
- Yes — personal, wedding, medical, debt-consolidation or any fixed-rate installment loan with equal monthly payments.
- Is APR the same as interest rate?
- APR includes interest plus some fees, so it is usually slightly higher than the nominal rate.
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