From these numbers
A $25,000.00 loan at 7.2% for 5 years is $497.39 a month.
Over 60 months, the payments come to $29,843.54, including $4,843.54 of interest.
/c/loan?amount=25000&rate=7.2&years=5
Monthly payment
$497.39
Total repayment
$29,843.54
Total interest
$4,843.54
Total repayment breakdown
Estimates only. Currency shown in USD. Assumes a fixed rate โ not financial advice.
Two scenarios
Save the numbers on the form into A and B. Both stay in this browser.
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How this calculator works and what to know before using it
What this calculator does
Calculates fixed monthly payments and total loan cost for installment borrowing โ personal loans, auto loans, or any fixed-rate term loan.
Understanding your result
The monthly payment stays fixed, but early payments are mostly interest. Total interest shows the true cost of borrowing beyond the principal.
How to use it
- Enter the loan amount and annual interest rate.
- Set the repayment term in years.
- View monthly payment and total interest.
Formula used
Fixed-rate loan payment
M = P ร [r(1+r)โฟ] / [(1+r)โฟ โ 1] โ same amortization formula as a mortgage.
Source. The payment is principal times the rate per period times (1 + that rate) raised to the number of periods, divided by that same power minus 1. A zero rate divides the principal by the number of periods. The term is the number of years times 12.
Updated November 1, 2026
Example
A $25,000 loan at 7.2% over 5 years โ $498/month and about $4,880 in total interest.
Good to know
- Assumes a fixed rate for the full term.
- Extra principal payments reduce total interest but are not modeled here.
Common questions
- Can I pay off a fixed-rate loan early?
- Usually yes, but some lenders charge prepayment penalties. Extra payments toward principal save interest and shorten the term.
- What's the difference between APR and interest rate?
- The interest rate is the cost of borrowing the principal. APR includes certain fees and gives a broader cost comparison between lenders.
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