Finance & Economics / Personal Finance
Loan Payment Calculator
Try an example
Compare two scenarios
Run A vs B side by side — try 15-yr vs 30-yr, or two rates from different lenders.
Results
Monthly payment
$489/mo
Total paid
$29,349
Total interest
$4,349
Amortization
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Principal Interest
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Estimate monthly loan payments and total interest so you can evaluate affordability before committing to a borrowing decision.
Formula
Worked Example
Principal25,000
Annual rate (%)6.5
Term months60
Result: $489.15 per month
A five-year loan at 6.5% produces a fixed monthly payment near $489, helping you budget debt service against cash flow.
Frequently Asked Questions
Does this include taxes or insurance?
No. The calculator focuses on principal and interest. Add taxes, insurance, and fees separately for a full monthly obligation view.
How can I lower total interest paid?
You can reduce interest by shortening term length, lowering rate, or making extra principal payments during the loan.
Common Mistakes
- !Ignoring the difference between APR and nominal rate — APR includes fees and gives the true cost.
- !Choosing a longer term just for a lower monthly payment — you pay far more in total interest.
- !Forgetting that most loans don't include taxes and insurance in the quoted payment.