Loan Calculator — Calculate Monthly Payments
Calculate your monthly payment, total interest, and full amortization schedule.
One-time fee charged by the lender, typically 1-6% of the loan amount.
Monthly Payment
$400.76
- Remaining Balance
| Year | Payment | Interest | Principal | Remaining Balance |
|---|---|---|---|---|
| Year 1 | $4,809.11 | $1,383.85 | $3,425.26 | $16,574.74 |
| Year 2 | $4,809.11 | $1,117.93 | $3,691.17 | $12,883.56 |
| Year 3 | $4,809.11 | $831.38 | $3,977.73 | $8,905.84 |
| Year 4 | $4,809.11 | $522.58 | $4,286.53 | $4,619.31 |
| Year 5 | $4,809.11 | $189.80 | $4,619.31 | $0.00 |
| Totals | $24,045.54 | $4,045.54 | $20,000.00 | — |
How loan interest works
Each month, interest is charged on your remaining balance. As you pay down principal, the interest portion shrinks and the principal portion grows. Learn more →
APR vs. interest rate
The interest rate is the cost of borrowing the money. APR includes fees, giving you the true cost of the loan. Learn more →
Origination fees explained
An origination fee is a one-time charge by the lender, typically 1-6% of the loan amount. It's deducted from the loan proceeds, so you receive less than you borrow. Learn more →
Choosing the right loan term
Shorter terms mean higher monthly payments but less total interest. Longer terms lower your payment but cost more over time. Learn more →
Save your loan analysis
Email me my loan breakdown
Compare Personal Loan Offers
See rates from multiple lenders. Check your rate in 2 minutes with no impact to your credit score.
CreditGrok may earn a commission from links on this page. This does not affect our recommendations.