Loan Payment Calculator
Calculate the payment for any fixed-rate installment loan with monthly, biweekly, weekly or other payment frequencies.
Your inputs
Results
Payment per period
$495.03
- Number of payments
- 60
- Total interest
- $4,701.82
- Total repaid
- $29,701.82
✓Exact calculation — rounded only for display
| Year | Paid | Interest | Principal | End balance |
|---|---|---|---|---|
| 1 | $5,940.36 | $1,612.91 | $4,327.45 | $20,672.55 |
| 2 | $5,940.36 | $1,300.10 | $4,640.26 | $16,032.29 |
| 3 | $5,940.36 | $964.62 | $4,975.74 | $11,056.55 |
| 4 | $5,940.36 | $604.95 | $5,335.41 | $5,721.14 |
| 5 | $5,940.38 | $219.24 | $5,721.14 | $0.00 |
| No. | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $495.03 | $145.83 | $349.20 | $24,650.80 |
| 2 | $495.03 | $143.80 | $351.23 | $24,299.57 |
| 3 | $495.03 | $141.75 | $353.28 | $23,946.29 |
| 4 | $495.03 | $139.69 | $355.34 | $23,590.95 |
| 5 | $495.03 | $137.61 | $357.42 | $23,233.53 |
| 6 | $495.03 | $135.53 | $359.50 | $22,874.03 |
| 7 | $495.03 | $133.43 | $361.60 | $22,512.43 |
| 8 | $495.03 | $131.32 | $363.71 | $22,148.72 |
| 9 | $495.03 | $129.20 | $365.83 | $21,782.89 |
| 10 | $495.03 | $127.07 | $367.96 | $21,414.93 |
| 11 | $495.03 | $124.92 | $370.11 | $21,044.82 |
| 12 | $495.03 | $122.76 | $372.27 | $20,672.55 |
| 13 | $495.03 | $120.59 | $374.44 | $20,298.11 |
| 14 | $495.03 | $118.41 | $376.62 | $19,921.49 |
| 15 | $495.03 | $116.21 | $378.82 | $19,542.67 |
| 16 | $495.03 | $114.00 | $381.03 | $19,161.64 |
| 17 | $495.03 | $111.78 | $383.25 | $18,778.39 |
| 18 | $495.03 | $109.54 | $385.49 | $18,392.90 |
| 19 | $495.03 | $107.29 | $387.74 | $18,005.16 |
| 20 | $495.03 | $105.03 | $390.00 | $17,615.16 |
| 21 | $495.03 | $102.76 | $392.27 | $17,222.89 |
| 22 | $495.03 | $100.47 | $394.56 | $16,828.33 |
| 23 | $495.03 | $98.17 | $396.86 | $16,431.47 |
| 24 | $495.03 | $95.85 | $399.18 | $16,032.29 |
Inputs are never added to links for financial, salary or health calculators.
What this calculator does
For a standard amortizing loan, every payment is the same and the loan is fully repaid at the end of the term. Use this for car loans, personal loans, equipment finance or any fixed-rate installment debt.
Formula and method
Worked example
Calculated by this tool with its default inputs:
Inputs
- Loan amount: 25000 (any currency)
- Annual interest rate (APR, nominal): 7 %
- Term: 5
- Term unit: Years
- Payment frequency: Monthly
Results
- Payment per period: 495.03
- Number of payments: 60
- Total interest: 4,701.82
- Total repaid: 29,701.82
How to read the results
More frequent payments slightly reduce total interest because the balance falls sooner. Total repaid minus the loan amount is the cost of borrowing.
Assumptions and limitations
- The periodic rate is the nominal APR divided by the payment frequency, the usual convention for consumer loans.
- Fees are not included — use the APR calculator to see their effect.
Financial results are estimates based on the inputs and assumptions shown. They are not financial advice; confirm figures with your lender, provider or a qualified adviser before making decisions.
Questions
What is an EMI?
“Equated monthly installment” is the term used in some countries for the same fixed loan payment calculated here.
Methodology and verification
- Result type
- Exact mathematical calculation (rounded only for display)
- Formula version
- 1.0
- Automated verification
- 5 reference and validation test cases, checked against independently computed values. The site cannot be built if any of them fail.
- Editorial review
- Awaiting human editorial review. The explanation was drafted with AI assistance; the formula and examples are verified by the automated tests above.
Privacy
Everything you enter is calculated in this browser and is not sent to Numerith or anyone else. Because this calculator can involve personal financial or health details, your inputs are never added to share links or saved to history. Privacy policy