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Loan Calculator

Turn a loan amount, rate, and term into a clear repayment plan.

Your numbers

Make it your own
Updates as you type
Monthly payment
$396.02

USD · rounded to the nearest cent

5k9k14kYear 1Year 3Year 5
Loan balanceStraight-line reference
Principal & interest$396.02
Total interest$3,761.44
Loan amount$20,000.00

Fixed-rate estimate with unrounded amortization. Excludes closing costs and fees not entered. PMI is held constant; actual lender calculations and rounding may differ.

Your calculation, step by step

No black boxes
  1. Financed principal = 20,000 USD.
  2. Monthly rate r = 7% ÷ 12 = 0.583333%.
  3. Payments n = 5 × 12 = 60.
  4. Payment = P × r ÷ [1 − (1 + r)^(−n)] = 396.023971 USD.
Detailed results · 60 entries
MonthPrincipal (USD)Interest (USD)Balance (USD)
1$279.36$116.67$19,720.64
2$280.99$115.04$19,439.66
3$282.63$113.40$19,157.03
4$284.27$111.75$18,872.76
5$285.93$110.09$18,586.82
6$287.60$108.42$18,299.22
7$289.28$106.75$18,009.94
8$290.97$105.06$17,718.98
9$292.66$103.36$17,426.31
10$294.37$101.65$17,131.94
11$296.09$99.94$16,835.86
12$297.81$98.21$16,538.04
13$299.55$96.47$16,238.49
14$301.30$94.72$15,937.19
15$303.06$92.97$15,634.13
16$304.82$91.20$15,329.31
17$306.60$89.42$15,022.70
18$308.39$87.63$14,714.31
19$310.19$85.83$14,404.12
20$312.00$84.02$14,092.12
21$313.82$82.20$13,778.30
22$315.65$80.37$13,462.65
23$317.49$78.53$13,145.16
24$319.34$76.68$12,825.82
25$321.21$74.82$12,504.61
26$323.08$72.94$12,181.53
27$324.97$71.06$11,856.56
28$326.86$69.16$11,529.70
29$328.77$67.26$11,200.94
30$330.69$65.34$10,870.25
31$332.61$63.41$10,537.64
32$334.55$61.47$10,203.08
33$336.51$59.52$9,866.58
34$338.47$57.56$9,528.11
35$340.44$55.58$9,187.66
36$342.43$53.59$8,845.23
37$344.43$51.60$8,500.81
38$346.44$49.59$8,154.37
39$348.46$47.57$7,805.92
40$350.49$45.53$7,455.43
41$352.53$43.49$7,102.89
42$354.59$41.43$6,748.30
43$356.66$39.37$6,391.64
44$358.74$37.28$6,032.90
45$360.83$35.19$5,672.07
46$362.94$33.09$5,309.13
47$365.05$30.97$4,944.08
48$367.18$28.84$4,576.90
49$369.33$26.70$4,207.57
50$371.48$24.54$3,836.09
51$373.65$22.38$3,462.44
52$375.83$20.20$3,086.62
53$378.02$18.01$2,708.60
54$380.22$15.80$2,328.38
55$382.44$13.58$1,945.93
56$384.67$11.35$1,561.26
57$386.92$9.11$1,174.34
58$389.17$6.85$785.17
59$391.44$4.58$393.73
60$393.73$2.30$0.00

What if things were different?

Save up to three scenarios, then change your inputs to compare the possibilities.

How to use this calculator

  1. Enter your own values in the labeled fields. Check the units and assumptions before comparing results. Only the fields needed for your selected calculation mode are shown.
  2. Your answer updates automatically. Review the calculation steps to see exactly how it was calculated.
  3. Copy, share, save, or download your result. Saved inputs stay on this device.

How the calculation works

M = P × r / [1 − (1 + r)⁻ⁿ]

The amortizing payment formula assumes monthly installments and a fixed nominal annual rate divided by 12. A longer term lowers the regular payment but usually raises total interest. Compare scenarios using the same principal to isolate the effect of term or rate.

A worked example

A $20,000 loan at 7% for 5 years requires about $396.02 per month before any fees.

Reading your result

Use the main result together with its units and supporting figures. Display values are rounded; calculations keep their underlying precision. A change in inputs or assumptions can change the answer. Compare the step-by-step working with your intended use before relying on an estimate.

Frequently asked questions

What happens at 0% interest?

The calculator divides the principal evenly by the number of monthly payments.

Are fees included?

No. Origination charges, late fees, and prepayment penalties are excluded.

Sources & methodology

CFPB: Mortgage payments ↗

Formula review: October 24, 2026. Read our methodology.