Loan Interest Calculator
Find a loan's monthly payment and how much interest you'll pay in total, with the schedule.
Change the values and press Calculate to work out your own figures.
Enter the amount, rate and term.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $598.49 | $1,749.43 | $8,250.57 |
| 2 | $481.32 | $1,866.60 | $6,383.97 |
| 3 | $356.32 | $1,991.60 | $4,392.37 |
| 4 | $222.94 | $2,124.98 | $2,267.39 |
| 5 | $80.62 | $2,267.39 | $0.00 |
Show the working
- payment = P × i ÷ (1 − (1 + i)^−n)
- each payment: interest = balance × i (to the cent), the rest repays principal
How to use it
Enter the amount, rate and term.
Enter amounts without commas or with them; rates are percentages (5 for 5%). Negative amounts are allowed where a sign means money paid out.
Key facts
total interest = Σ each month's interest
Questions
How much interest on $10,000 at 6.5% over 5 years?
About $1,739.6 (with a $195.66 payment).
Formulas
total interest = Σ each month's interest
Sources
Limitations
- Results are estimates for planning, not offers or financial advice; lenders and banks may round, count days or time payments differently.
- Rates are nominal annual rates compounded as you choose; payments at a different frequency use the equivalent periodic rate.