Loan calculator
Your monthly payment, the total interest and the full schedule, month by month.
Loan term
Monthly payment
$506.91
For 60 months
Total interest
$5,414.59
Total you will pay
$30,414.59
Amortization schedule
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | 506.91 | 166.67 | 340.24 | 24,659.76 |
| 2 | 506.91 | 164.40 | 342.51 | 24,317.25 |
| 3 | 506.91 | 162.11 | 344.79 | 23,972.45 |
| 4 | 506.91 | 159.82 | 347.09 | 23,625.36 |
| 5 | 506.91 | 157.50 | 349.41 | 23,275.95 |
| 6 | 506.91 | 155.17 | 351.74 | 22,924.21 |
| 7 | 506.91 | 152.83 | 354.08 | 22,570.13 |
| 8 | 506.91 | 150.47 | 356.44 | 22,213.69 |
| 9 | 506.91 | 148.09 | 358.82 | 21,854.87 |
| 10 | 506.91 | 145.70 | 361.21 | 21,493.66 |
| 11 | 506.91 | 143.29 | 363.62 | 21,130.04 |
| 12 | 506.91 | 140.87 | 366.04 | 20,764.00 |
Fixed monthly payment, the way banks and lenders calculate it. Insurance, origination fees and other charges are not included; each lender adds those separately.
Before you sign a loan
- Compare the APR, not just the payment: a longer term lowers the payment and raises the total interest.
- Ask about fees: origination fees, insurance and closing costs all add to what you pay.
- Check for prepayment penalties: every extra payment toward principal cuts the interest on every month that follows.
If the loan is for your business
A cash crunch is often not a sales problem: it is invoices that get paid late. Before you borrow, it pays to know how much your customers owe you and for how long. To see how many sales it takes to cover your costs, try the break-even calculator; more in free tools.
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