Loan Repayment Calculator
Monthly repayment on a personal or car loan from the amount, interest rate and term.
- Loan amount$20,000.00 82%
- Total interest$4,331.67 18%
- Monthly interest rate0.67%
- Number of payments60
- Monthly repayment$405.53
- Total repaid$24,331.67
- Total interest$4,331.67
Inputs used
- Loan amount$20,000.00
- Annual interest rate8 %
- Term5 years
About this calculator
A fixed-rate loan is repaid with the same amortization formula as a mortgage: the amount borrowed, the monthly interest rate and the number of payments determine one constant monthly repayment that clears the balance exactly at the end of the term.
Shorter terms mean higher monthly payments but far less total interest, because interest accrues on the outstanding balance for less time. Comparing the total interest across a 3-year and a 5-year term is usually the most persuasive number on this page.
Lenders quote either an interest rate or an APR; APR folds in fees, so the repayment a lender offers may differ slightly from the figure here.
Quick reference
Monthly repayment by loan amount and rate — 5-year term
Fixed monthly repayment on a 5-year (60-month) loan.
| Loan amount | 5% | 6% | 7% | 8% | 9% | 10% |
|---|---|---|---|---|---|---|
| $5,000 | $94.36 | $96.66 | $99.01 | $101.38 | $103.79 | $106.24 |
| $10,000 | $188.71 | $193.33 | $198.01 | $202.76 | $207.58 | $212.47 |
| $15,000 | $283.07 | $289.99 | $297.02 | $304.15 | $311.38 | $318.71 |
| $20,000 | $377.42 | $386.66 | $396.02 | $405.53 | $415.17 | $424.94 |
| $25,000 | $471.78 | $483.32 | $495.03 | $506.91 | $518.96 | $531.18 |
| $30,000 | $566.14 | $579.98 | $594.04 | $608.29 | $622.75 | $637.41 |
| $40,000 | $754.85 | $773.31 | $792.05 | $811.06 | $830.33 | $849.88 |
| $50,000 | $943.56 | $966.64 | $990.06 | $1,013.82 | $1,037.92 | $1,062.35 |
Frequently asked questions
What is the difference between the interest rate and APR?
The interest rate is the pure cost of borrowing; APR (annual percentage rate) folds arrangement fees and other mandatory charges into a single comparable figure. Two loans with the same interest rate can have different APRs, so compare offers on APR.
How much does a shorter term save?
On a $20,000 loan at 8%, a 5-year term costs $405.53 a month and about $4,332 in total interest, while a 3-year term costs $626.73 a month but only about $2,562 in interest. The shorter term trades a higher payment for roughly 40% less interest.
Can I reduce the interest by paying the loan off early?
Usually yes — extra payments shrink the outstanding balance, and interest accrues on the balance, so every early dollar saves interest for the rest of the term. Check the agreement first: some lenders charge early-repayment fees that offset part of the saving.
Why does my lender quote a slightly different repayment?
Lenders may include fees (APR pricing), round differently, or charge interest daily rather than monthly. The formula here is the standard monthly amortization used for fixed-rate personal and car loans, so differences should be small.
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Results are informational only — not financial, medical or legal advice.