Loan Repayment Calculator
Monthly repayment on a personal or car loan from the amount, interest rate and term.
- 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.
Results are informational only — not financial, medical or legal advice.