US Loan Calculator
Work out the repayment on any fixed-rate loan (personal, car, student or business) and see the total interest, plus how extra payments shorten the term.
Updated for the 2026 tax year · Rates checked 14 October 2026
| Monthly payment | $512.91 |
|---|---|
| Total interest | $5,775 |
| Total of all payments | $30,775 |
| Number of payments | 60 |
- Interest adds 23% on top of the $25,000 you borrow.
Your result, explained
Your monthly payment is $512.91, and over 60 payments you would repay $30,775 in total, including $5,775 of interest.
To pay less interest, choose the shortest term whose payment you can comfortably afford, shop around for a lower APR, and make overpayments when you can (check for early repayment fees first). Try the “extra payment” option to see how much time and interest that saves.
Amortisation schedule (by year)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,191 | $1,964 | $20,809 |
| 2 | $4,561 | $1,594 | $16,248 |
| 3 | $4,964 | $1,191 | $11,284 |
| 4 | $5,403 | $752 | $5,881 |
| 5 | $5,881 | $274 | $0 |
Popular amounts
How loan repayments work
Fixed-rate instalment loans are paid off in equal payments. Each payment first covers the interest charged since the last one, and the rest reduces the balance. Because the balance keeps falling, the interest portion shrinks and the principal portion grows. The schedule above shows this year by year.
APR vs interest rate
Lenders must quote an APR, which includes most fees, so you can compare offers fairly. Enter the APR here for the most realistic total cost. If a loan has an upfront fee that is not in the APR, add it to the loan amount.
Paying off a loan early
Extra payments go straight to principal, so they cut interest and shorten the loan. Check whether your lender charges an early repayment fee. Many personal loans in the US have no prepayment penalty.
Frequently asked questions
Is a shorter loan term better?
A shorter term means higher payments but much less interest. Choose the shortest term whose payment fits your budget comfortably.
Does my credit score change the payment?
Yes, through the rate you are offered. Enter the rate from your actual quote for an accurate figure.
Can I use this for a car loan?
Yes. Enter the price minus your deposit or trade-in as the loan amount, and the dealer or bank APR.