Calculator
Loan Calculator
Find the monthly payment, total paid, and total interest on a fixed-rate loan.
Your numbers
Results
Monthly payment
$297.02
60 payments at 7% APR
Amount borrowed
$15,000
Total interest
$2,821
16% of what you pay
Total of payments
$17,821
- Principal (amount borrowed) $15,000
- Interest $2,821
Show year-by-year breakdownHide breakdown
| Year | Principal | Interest | Balance left |
|---|---|---|---|
| 1 | $2,596 | $968 | $12,404 |
| 2 | $2,784 | $780 | $9,619 |
| 3 | $2,985 | $579 | $6,634 |
| 4 | $3,201 | $363 | $3,433 |
| 5 | $3,433 | $132 | $0 |
Educational calculator, not financial advice. Results are hypothetical estimates based on the numbers you enter.
How this calculator works
- Uses the standard formula for a fixed-rate loan with equal monthly payments.
- Monthly rate = annual rate ÷ 12. Number of payments = years × 12.
- Total interest = total of all payments − the amount borrowed.
- Real loans can include fees, and some have variable rates.