WiseCalc

General loan calculator

Estimate total repayment and interest for a fixed-rate loan with no modeled fees, using entered principal, nominal annual rate and whole-month terms.

USD
%
Monthly payment
$500.95
Total interest
$5,056.92
Total of monthly payments
$30,056.92

Principal and interest breakdown

  • Original principal$25,000.00
  • Total interest$5,056.92

Calculation assumptions

All amounts are in USD. The fixed nominal annual interest rate is divided by 12, with equal payments at the end of each month; the first payment is one month after borrowing. This input is not an APR. Totals use unrounded payments; lender rounding and daily interest can differ. No extra payments, taxes, insurance, late fees or variable rates are modeled.

Fees, insurance, taxes, daily accrual, variable rates and extra payments are excluded. Defaults illustrate the math and are not lending terms or approval criteria.

Loan references

CFPB: interest rate and APR

Calculation assumptions

All amounts are in USD. The fixed nominal annual interest rate is divided by 12, with equal payments at the end of each month; the first payment is one month after borrowing. This input is not an APR. Totals use unrounded payments; lender rounding and daily interest can differ. No extra payments, taxes, insurance, late fees or variable rates are modeled.

Fees, insurance, taxes, daily accrual, variable rates and extra payments are excluded. Defaults illustrate the math and are not lending terms or approval criteria.

Loan references

CFPB: https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-loan-interest-rate-and-the-apr-en-733/

How to use this calculator

  1. Loan amount (USD)
  2. Nominal annual interest rate (%)
  3. Number of monthly payments

Frequently Asked Questions