Payment Calculator
Use this payment calculator for any fixed-rate installment loan — car loans, personal loans, student loans, mobile home loans or a mortgage's principal and interest. Enter the amount, the APR and the term to see your monthly payment and how much interest you'll pay in total.
- Monthly payment
- $500.95
- Total of payments
- $30,056.92
- Total interest
- $5,056.92
- Number of payments
- 60
Yearly amortization (5 rows)
| Period | Principal paid | Interest paid | Balance |
|---|---|---|---|
| Year 1 | $4,281.58 | $1,729.81 | $20,718.42 |
| Year 2 | $4,613.97 | $1,397.42 | $16,104.46 |
| Year 3 | $4,972.16 | $1,039.22 | $11,132.29 |
| Year 4 | $5,358.16 | $653.22 | $5,774.13 |
| Year 5 | $5,774.13 | $237.25 | $0.00 |
Worked example
Example: $25,000 auto loan at 7.5% for 5 years
- Monthly rate r = 7.5% ÷ 12 = 0.625% = 0.00625
- Number of payments n = 60
- Payment = 25,000 × 0.00625 ÷ (1 − 1.00625⁻⁶⁰) = $500.95
$500.95 per month; $5,057 total interest.
Formula
M = P × r ÷ (1 − (1 + r)⁻ⁿ)
P is the loan amount, r the monthly rate (APR ÷ 12) and n the number of monthly payments. With a 0% rate, the payment is simply P ÷ n.
Frequently asked questions
How do I figure out monthly payments on a loan?
Use M = P × r ÷ (1 − (1 + r)^−n), or enter the amount, rate and term above.
Does a longer term lower my payment?
Yes, but you pay more interest overall. A 72-month car loan costs much more than a 48-month one at the same rate.
What's the difference between APR and interest rate?
APR includes certain fees, so it's usually slightly higher. Use APR to compare offers.
Is this financial advice?
No. Results are estimates for planning and education. Rates, taxes and lender rules vary — confirm with your lender or a licensed financial professional.
Last reviewed October 17, 2026 · Calculations run in your browser; nothing you enter is sent to a server.