For personal loans, student loans or any fixed-rate installment loan: enter the amount, APR and term to see the monthly payment, total interest and payoff date.
Example loan payments at 9% APR
| Loan amount | Term | Monthly payment | Total interest |
|---|---|---|---|
| $5,000 | 3 yr | $159.00 | $724 |
| $10,000 | 5 yr | $207.58 | $2,455 |
| $20,000 | 5 yr | $415.17 | $4,910 |
| $30,000 | 7 yr | $482.67 | $10,544 |
How to pay less interest
Interest is charged on the remaining balance every month, so anything that shrinks the balance sooner saves money: a shorter term, a lower rate, or extra payments toward principal. Even one extra payment a year can take months off a five-year loan.
Frequently asked questions
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR adds most lender fees, such as origination fees, so it is the better number for comparing offers.
Does paying early reduce interest?
Yes, on simple-interest installment loans. Check that your loan has no prepayment penalty first.
Why does the first year pay so little principal?
Early payments are mostly interest because the balance is at its highest. The share going to principal grows every month.
Related calculators
Estimates only. Fees and variable rates are not included.
