A fixed-rate loan is repaid in equal monthly payments. Early on, most of each payment is interest; later, more of it goes to the balance. This calculator shows the monthly payment for any amount, rate, and term, plus what you pay in total and how much of that is interest.

How the payment is worked out

The monthly payment is the figure that pays the loan down to exactly zero over the term. It depends on three things: how much you borrow, the annual rate divided across twelve months, and the number of months. A longer term lowers the monthly payment but raises the total interest — the ledger bar shows that interest share.

An example

Borrow $25,000 at 7% for 5 years and the payment is around $495 a month. Stretch the same loan to 7 years and the monthly payment drops, but you hand over more interest by the end. Shorter terms cost less overall; longer terms ease monthly cash flow.

Good to know

Assumes a fixed rate and equal payments for the whole term.
Excludes fees, insurance, and taxes some loans add on.
Use it for car, personal, and student loans, or a mortgage.

This tool is for education, not financial advice.