Money & Salary
Essential
Loan Payment & Amortization Calculator
Calculate fixed monthly loan payments, total interest costs, and amortization payoff breakdown for personal, auto, and student loans.
What is my monthly payment on a $20,000 loan at 6.5%?How much total interest will I pay over the life of the loan?What percentage of my payments goes to interest vs principal?
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Loan Terms
$
6.5%
%
Monthly Loan Payment
$391.32/ month
Across 60 total monthly payments.
Principal: $20,000.00Total Interest: $3,479.38
Total Payments Cost
$23,479.38
Interest Ratio
14.8%
How this calculation works
Standard fixed-rate amortization formula where P is principal, r is monthly interest rate (APR / 12), and n is total number of monthly payments.
Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]
Frequently asked questions
Extra payments go directly toward reducing the principal balance, which lowers the compound base on which future interest is calculated, shortening the repayment schedule and saving hundreds to thousands in interest fees.
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Calculations run entirely in your browser. Your financial data is never sent to a server.
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