Payment Calculator
Calculate monthly loan payments for any amount, interest rate, and term. See total interest and total cost.
Quick Terms
Monthly Payment
$489.15
Principal
$25,000.00
Total Interest
$4,349.22
Total Paid
$29,349.22
Principal (85%)Interest (15%)
Payment at Different Rates
3%$449.22/moTotal: $26,953.04
4%$460.41/moTotal: $27,624.78
5%$471.78/moTotal: $28,306.85
6%$483.32/moTotal: $28,999.20
7%$495.03/moTotal: $29,701.80
8%$506.91/moTotal: $30,414.59
9%$518.96/moTotal: $31,137.53
10%$531.18/moTotal: $31,870.57
Frequently Asked Questions
How is the monthly payment calculated?+
Using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly rate, and n is total months. This gives a fixed monthly payment that covers both principal and interest.
Does a longer term mean lower payments?+
Yes, longer terms have lower monthly payments but you pay more total interest. A $25,000 loan at 6.5% costs $489/mo over 5 years ($4,349 interest) vs $280/mo over 10 years ($8,580 interest).
What is not included in this calculation?+
This calculates principal and interest only. Real payments may include taxes, insurance, fees, and other escrow items depending on the loan type.