Loan Calculator

On a $25,000 loan at 8% for 60 months, the monthly payment is $506.91. Total interest over the life of the loan is $5,414.60, meaning you repay $30,414.60 in total.

On a $25,000 loan at 8% for 60 months, adding $100 per month in extra payments saves approximately $1,860 in interest and pays off the loan about 10 months early. Even $50 extra per month saves around $970.

Not necessarily. APR includes lender fees and other costs spread over the loan term. This calculator uses the nominal interest rate for payment calculations. Your actual APR may be 0.1% to 0.5% higher than the stated rate once fees are included.

Both reduce total interest. A shorter term (36 months vs 60 months) locks in higher required payments but guarantees savings. Extra payments give flexibility to pay more when you can and less when cash is tight. A 36-month term on $25,000 at 8% costs $783.41/month but saves $2,414 vs the 60-month term.

This calculator works for any fixed-rate amortizing loan: auto loans, personal loans, student loans, home equity loans, and more. It does not apply to revolving credit (credit cards) or variable-rate loans where the rate changes over time.

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