Loans & Debt
Loan Payment Calculator
Monthly payment, total interest and payoff cost for any fixed-rate loan.
Your numbers
Monthly payment
$489.15
Balance
falls to $0
- Base payment
- $489.15
- Total interest
- $4,349.22
- Total of payments
- $29,349.22
- Payoff time
- 60 months
Lenders quote APR, which folds in some fees, so the payment on your paperwork may differ by a few dollars. Extra payments only shorten the loan if your lender applies them to principal, so write that on the check.
Loan Payment Calculator explained simply
At Rauner's we like to think of it like this: borrowing money is like borrowing a big pile of blocks and giving back a little every month, plus a few extra blocks as a thank-you. This tells you how big each monthly pile has to be.
For example
Borrow $20,000 for 5 years at 7%. You pay about $396 every month, and you hand back roughly $3,700 more than you borrowed. That extra is the interest.
Words on this page
Want a second set of eyes on these numbers?
These calculators are estimates for planning purposes and don't account for every detail of your situation. Bring your results to us and we'll pressure-test them against your actual tax picture.
Talk to a CPA