Loan calculator
Enter the amount, the interest rate and the term to see your monthly payment and what the loan costs in total.
Monthly payment$356
- Total interest
- $2,075
- Total repaid
- $17,075
PrincipalInterest
Yearly schedule
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $3,394 | $875 | $11,606 |
| 2 | $3,621 | $648 | $7,986 |
| 3 | $3,863 | $405 | $4,122 |
| 4 | $4,122 | $147 | $0 |
Estimates for information only. They are not financial advice.
How it works
- Choose the term in years or months.
- The calculator assumes a fixed rate and equal monthly payments.
- Fees and insurance are not included in this estimate.
Frequently asked questions
How can I lower the cost of a loan?
A shorter term or a lower rate reduces the total interest. A shorter term raises the monthly payment, so check that it fits your budget.
Is the interest rate the same as the annual percentage rate?
No. The annual percentage rate also includes fees and other mandatory costs, so it is usually higher. This calculator uses the nominal interest rate only.