Loan Calculator
Determine your monthly repayment, total interest paid, and grand total for any fixed-rate installment loan.
Calculation Inputs & Parameters
25000
(Default)
8.5
(Default)
5
(Default)
Monthly Payment
$513
Total Repayment
$30,775
Total Interest Paid
$5,775
Loan Term
60 months (5 years)
How the Calculation Works
Uses the standard amortization formula to calculate fixed monthly payments over the term.
Formula: M = P [ r(1 + r)^n ] / [ (1 + r)^n – 1 ]
Practical Worked Example
Given Inputs: Loan: 10,000 | Rate: 7% | 3 Years
Calculated Output: Monthly: 308.77 | Total Interest: 1,115.76
- Calculate monthly rate r = 0.07/12, apply standard amortization formula.