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Loan Calculator

Enter the amount you want to borrow, the interest rate and how long you will take to repay it to get the fixed monthly payment, the total interest and the full cost of the loan. It works for personal loans, student loans and any other loan with equal monthly payments, including 0% deals.

Quick examples
$
%
Your numbers stay in your browser. Nothing is uploaded.
Monthly payment$500.95
Total interest
$5,056.92
Total of all payments
$30,056.92
Amount borrowed
$25,000.00
Number of payments
60
What you pay back
  • Principal
  • Interest
Payoff schedule
PeriodPrincipalInterestBalance

Saved setups

Save a set of inputs you reuse — your usual rate, your loan, your room sizes — and load it back in one tap.

    Your recent calculations

    Results you calculate here are kept on this device so you can come back to them.

      Formula

      Monthly rate r = annual rate ÷ 12
      Payment = amount × r ÷ (1 − (1 + r)^−n), where n is the number of monthly payments
      At 0% interest: payment = amount ÷ n
      Total interest = payment × n − amount

      How to use it

      1. Enter the amount borrowed, not counting any fee taken out of the proceeds.
      2. Enter the yearly interest rate and the term in years or months.
      3. Read the monthly payment; the schedule below shows how each payment splits into principal and interest.

      Worked examples

      A $25,000 personal loan over 5 years at 7.5%

      Monthly payment
      $500.95
      Total interest
      $5,056.92
      Total of all payments
      $30,056.92
      Number of payments
      60

      A $10,000 loan over 36 months at 9%

      Monthly payment
      $318.00
      Total interest
      $1,447.90
      Total of all payments
      $11,447.90
      Number of payments
      36

      A $6,000 interest-free loan repaid over 2 years

      Monthly payment
      $250.00
      Total interest
      $0.00
      Total of all payments
      $6,000.00
      Number of payments
      24

      How rate and term change the payment

      On a $20,000 five-year loan, the payment is $377.42 at 5%, $396.02 at 7% and $415.17 at 9%. Each extra percentage point adds roughly $9 to $10 a month.

      Stretching the term lowers the payment but raises the cost. $30,000 at 7% costs $594.04 a month over 60 months and $5,642 in interest; over 72 months it is $511.47 a month but $6,826 in interest.

      What the payment does not include

      Origination fees, late fees and optional insurance are not part of this figure. If a lender deducts a fee from the amount you receive, compare offers by APR rather than by interest rate. The result is an estimate; your lender’s rounding and first-payment date can shift it by a few cents.

      Questions people ask

      What is the monthly payment on a $25,000 loan?

      At 7.5% over 5 years it is $500.95 a month, with $5,056.92 of interest in total. At 7% over the same term it is $495.03.

      How much interest will I pay on a $10,000 loan?

      Over 3 years at 9% you pay $1,447.90 in interest on a $318.00 monthly payment, so $11,447.90 in all.

      Does paying extra reduce the interest?

      Yes, on a normal amortizing loan any extra goes to principal and stops earning interest for the lender from that day. Use the amortization calculator to see how much an extra monthly amount saves.

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