Loan Calculator
Calculate payment, total interest and total repayment for a fixed-rate loan.
Educational estimate only. This is not financial, investment, tax, legal or lending advice, a quote or a guarantee. Read the disclaimer.
Your inputs
| Month | Payment | Principal | Interest | Balance |
|---|
Showing the first 12 scheduled payments.
How this calculator works
P is the amount borrowed, r is the annual interest percentage ÷ 100 ÷ 12, and n is years × 12. Total repayment is M × n; interest is total repayment − P. Assumes fixed rates and equal month-end payments, with no origination fees, insurance, penalties or extra payments. Use the contractual interest rate; an APR that includes fees is not necessarily the rate used to accrue interest. The table previews up to the first 12 payments.
Dollar results are in USD and generally rounded to the nearest whole dollar; salary equivalents and percentage outputs use two decimal places. Calculations retain JavaScript floating-point precision between steps rather than rounding every payment to cents. Displayed components may not sum exactly to displayed totals. Payoff times use whole monthly payment periods. Defaults are examples, not current rates or recommendations.
Full methodology · About the publisher and corrections
Content and calculation checks: October 12, 2026. Educational estimates; no independent professional certification is claimed.
Worked example: $25,000 for 5 years at 8%
A $25,000 fixed-rate loan at 8% for five years produces an estimated payment of about $507 per month. Over 60 payments, the model estimates total repayment of about $30,415, including about $5,415 in interest.
The example excludes origination fees and other charges, so a lender quote with the same interest rate can still have a different all-in cost.
Practical guide
Compare loans on more than the payment
- A longer term can reduce the monthly payment while increasing total interest.
- Fees can make a loan with a lower stated rate more expensive overall.
- Compare the same amount borrowed across multiple rates and terms.
- Check whether the lender permits early repayment without penalty.
How to use the result
Change one assumption at a time to compare scenarios. For example, test a lower rate, larger contribution, different term or extra payment. This makes the calculator most useful as a decision-support tool rather than a single-number answer.
Important financial decisions can depend on taxes, fees, eligibility rules, lender policies, market returns and personal circumstances that this simplified calculator does not capture.
Frequently asked questions
Is this loan calculator free?
Yes. SumStride calculators are free to use and do not require an account.
Are the results exact?
No. Results are estimates based on the values you enter and the assumptions described on this page. Real-world fees, taxes, rates, policies and timing can differ.
Does SumStride save my inputs?
No account is required. The calculator runs in your browser; SumStride does not need your entered values to perform the calculation.